Data set size = 283
IVs = 4
DV = 1
Factor = 1 (out of 4, one was selected)
Results
Press = 0.91
X explained 58%, Y explained 18%
The acceptable PRESS value should be chosen according to the balance of model complexity and predictive error. Therefore, the PLS model with the least latent variables as well as preditvie error not significantly larger than the smallest one should be chosen. F-test can be used to test the significance. More details can be found in the following paper:
HAALAND D M, THOMAS E V, CHEM. A. Partial Least-Sqares Methods for Spectral Analyses. 1. Relation to Other Quantitative Calibration Methods and the Extraction of Quantitative Information [J]. Analytical Chemistry, 1988, 60(11): 1193-202.
Check this out: https://www.smartpls.com/resources/ebook_on_pls-sem.pdf
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