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Advantages of using standardized beta values in Regression

Multiple Regression Analysis: What is the advantage of using standardized beta values?

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Response to question on beta values
Multiple Regression Analysis - What is the advantage of using standardized beta values?

Answer:
Beta values are basically known as the slopes in the regression analysis which are useful to measure the change in dependent variable, whenever there is a change in the value of independent variable or variables. Let us discuss a Multiple Regression model with three independent variables for more clarity.

The equation form Y = a + b1X 1 + b2X 2 - b 3X 3 where Y is the dependent variable, a is a constant, the b's are the beta coefficients that indicate the degree of influence the corresponding independent variable has on variations in the dependent variable (the higher the value of b the more influential the independent variable) and the sign (positive., negative.) indicates the nature of the relationship (whether the independent variable ...

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This solution is comprised of a detailed explanation of advantages of using standardized beta values.

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