# Is the WASP calculation in cricket logically correct?

During the first ODI of India's tour of New Zealand 2014, I could see a new term named WASP on the right side of the TV screen on Sony Six - the channel broadcasting the match.

When I was searching about that, I found that it means, Winning And Scoring Prediction whose value will be changed during the match.
ie, during first innings the predicted score will be displayed and during the second innings the winning percentage will be shown.

The formula for calculating WASP is mentioned here.

I can't understand it clearly. Can anyone explain it with an example?

Is it logically correct?
How does a mathematical formula differentiate a player with form and without form?
How much values will be given for pitch conditions according to the situation and climate?
The performance of players like Kohli may be same in all countries, but what about players like Ashwin and Rohit in overseas pitches?

I have many more questions, but all of them are under one topic,

Logical explanation of the formula used for calculating WASP in cricket.