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A project proposal, also known as a business or work proposal, outlines the approach to meet specific project requirements and constraints. It serves as an opportunity to showcase your team's identity, achievements, and suitability for the project, helping you stand out from competitors. A project proposal also acts as a written commitment detailing what you will execute if selected for the contract. It should balance self-promotion with clear commitments regarding scope, timeline, and budget. Customizing a proposal template can streamline the process for future requests. The video will further discuss seven essential elements for crafting an effective proposal.