I am applying multiple regression analysis to my datasets for prediction purpose. To calculate relative contribution of each predictor I want to know about the much suitable method.
Relative Weights is a way quantify the relative importance of correlated predictor variables in regression analysis. “Relative dominance” in this context means the proportion of the variance in y accounted for by xj. Put another way, it helps you figure out what variables contribute the most to r-squared.
Multiple linear regression analysis preferable here