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We present a novel algorithm (CoDReduce) for reducing the size of a probabilistic Boolean network (PBN) model for genomic regulation. The algorithm uses the coefficient of determination (CoD) to find the best candidate for dasiadeletionpsila gene. The selection policy that determines how the transition probabilities for the reduced network are obtained from those in the original network is designed using the steady-state distribution (SSD) of the model. The performance of the algorithm is measured by the shift in the steady-state distribution after applying the mean-first-passage-time (MFPT) control policy, and the relative effect of the selection policy on the MFPT control policy.