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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?

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.