In this formula, all runs scored by or against a team at home are divided by all runs scored on the road. Parks with a Park Factor over 1 are those where more overall runs are scored when the team is at home than are scored when the team is away. While some variation can be attributable to fluctuations in offensive and defensive performance, PF accounts for the production of both teams in each park and, correspondingly, is very useful in determining which actual ballparks are "hitter friendly" and which are "pitcher friendly".
I use some sabermetrics in my handicapping and thought I'd share this just in case others may not know about it...