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In this video, the importance of creating a strong project proposal or business case is discussed. According to a Gartner report, organizations should allocate five to ten percent of their project budgets to develop a comprehensive business case. This case justifies the project by clearly outlining its value, associated costs, and risks, contributing to informed decision-making. It plays a vital role in governance by fostering due diligence, accountability, and auditability. Ultimately, a project proposal serves as a formal record that supports the rationale behind the project's initiation and execution.