As Fumblefingers points out, this is not actually a sentence, but just a very long noun phrase: you have a noun ("a great approach") qualified by a string of adverbial clauses, but not a subject-verb-object. If you want it to be a complete sentence, you could tack on a subject and verb at the beginning, and have the phrase be the object: "This is a great approach...."
Besides that, neither version is anywhere near correct. You already have cause as the main verb of your adverbial phrase, so you need a series of direct objects for it, which are noun phrases; you can't shovel in a bunch of to-infinitive-based clauses that don't even use the infinitive form.
You have two main choices for fixing the phrase:
1: convert all of your "to-whatever" into noun forms:
A great approach based on statistical analysis which causes a reduction in the number of experiments, an evaluation of the relationships between variables, creation of an empirical model and finally a specification for the optimum response of the experiment.
2: remove the verb cause and use the rest of the phrases as parallel verb-phrases:
A great approach based on statistical analysis which reduces the number of experiments, evaluates relationships between variables, creates an empirical model, and finally specifies the optimum response of the experiment.