I got 0.91 PRESS value for N = 283. I am not sure whether it is acceptable in social sciences. My purpose was to just explore the data and finding important variables. I was not using it for pure prediction purposes. What is the range of PRESS statistics?
Dear researcher,
R squared is a popular measure of quality of fit in regression. However, it does not offer any significant insights into how well our regression model can predict future values. Instead, the PRESS statistic (the predicted residual sum of squares) can be used as a measure of predictive power. The PRESS statistic can be computed in the leave-one-out cross validation process, by adding the square of the residuals for the case that is left out. As a reminder, in the leave-one-out cross validation, one case of the data set is used as the testing set and the remaining are used as the testing set. We iterate this process, until all cases have served as the testing set (Theophano Mitsa, May 12, 2013).
More in:https://www.analyticbridge.datasciencecentral.com/profiles/blogs/use-press-not-r-squared-to-judge-predictive-power-of-regression
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