BACKGROUND

Peters funding goal is $6000 and his project description sketch has 1,500 words

. The project description sketch includes 10 words related to novelty and 2 words related to usefulness.

What a impacts the chance of being funded successfully on the platform and provide any tips for his project description to be posted on the crowdfunding website

Also, he would like you to help predict his funding success probability:

(1) if he increases his funding goal from $6,000 to $8,000 and

(2) if he increases his funding goal from $6,000 to $7,000 Based off the below previous crowdfunding data and success answer the question below:

PLEASE ANSWER QUESTION in bold- BASED OFF REGRESSION CALCULATION ABOVE OF CROWDFUNDING WEBSITE

(1) What is the overall pattern of the funding success? How do the successful projects look like? (i.e., you need to summarize the variables related to the characteristics of the current funded projects in the platform).

Keep in mind that these are the below variables (used in regression calculation above) with ProjSuccess being dependent varaible and Goal, novelty, usefullness and legnth being independent varibales. Use the above data for prediction of Peter.

SUMMARY OUTPUT \\[ \\mathrm{Y}=\\mathrm{CONSTANT}+\\mathrm{B} 1 *(\\mathrm{X} 1)+\\mathrm{B} 2 *(\\mathrm{X} 2)+ \\] \\begin{tabular}{|l|l|} \\hline Variables & Definition \\\\ \\hline project_id & The id of a crowdfunding project \\\\ \\hline projsuccess & Indicate whether the project is funded ( \\( 0= \\) not funded, \\( 1= \\) funded) \\\\ \\hline goal & The fund size asked by the initiator, this is the goal of crowdfunding (\\$) \\\\ \\hline novelty & Describe how novel the project is \\\\ \\hline usefulness & Describe how useful (to the contributors) the project is \\\\ \\hline length & The word count of project description \\\\ \\hline & \\\\ & \\\\ \\hline \\end{tabular}