What is the best way to determine the degree of contribution a variable is making by its addition to a regression model. Suppose I have following regression model for OutNumeric which is a continuous positive numeric variable.
Anumeric is also a positive continuous variable, while Bfactor is a factor variable with only 2 levels. I want to determine the degree of improvement to the model by another positive continuous variable Cnumeric.
I could think of following simple options:
Check R^2 Check AIC, BIC Run predict on an independent set and see correlation.
However, my main aim is to determine if Cnumeric is an important factor in determination of OutNumeric, rather than prediction.