Problem for Assignment 1: Part B (Mini-project B)

Alex, a microentrepreneur, is planning to develop a fashion T-shirt project which can incorporate what people feel the most for the Pandemic in his design. He is considering launching a campaign on a crowdfunding platform. However, Alex is not familiar with designing crowdfunding campaigns and would like to seek some insights about predicting the success of his campaign. Alex would like you to help collect the data from the crowdfunding platform, analyze the data, and share the insights from data analysis with him. Suppose you have collected a dataset Assessment1_data2.xlsx which includes the project listings and the funding outcomes of those projects on an online crowdfunding platform. Note that you can download this data file under Assessment folder at Cloud Deakin. Currently Alexs funding goal is $4,000, and his project description sketch has 1,000 words. The project description sketch includes 10 words related to novelty and 1 word related to usefulness. He shared with you that he would like you to help him understand what affects 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 $4,000 to $5,000 and (2) if he increases his funding goal from $4,000 to $6,000. With this, he may be able to prepare better before he starts his project campaign on the crowdfunding platform. Moreover, he would like you to think of other possible data information (except for the variables (data columns) in the current data file Assessment1_data2.xlsx) you may collect to help him better understand what other features may potentially affect the funding success probability and your expectations on the effects of the additional variables you might collect. Using what you have learned from MMK 365 so far to conduct data analysis in Excel and prepare a business report which may be helpful for entrepreneur such as Alex to launch his crowdfunding campaign. Please follow the structure outlined above to prepare your report. Note that you need to discuss how your analysis framework can be used to generate insights in other scenarios (contexts). Hints: Answers for the following questions may be helpful to obtain insights which Alex needs

(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).

(2) What is the exact relationship between different project description features (goal, length, number of words related to novelty, and number of words related to usefulness) and funding success probability?

(3) What other data (variables) could be added to the current dataset to help with generating other useful insights? What is your expectation (guesses) on how those additional variables might affect the funding success?