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A project proposal, also known as a business proposal, outlines the approach to execute a solution that meets specific project requirements. It serves as an opportunity to present your team's capabilities and demonstrate why you are the best fit for the project. The proposal acts as a written commitment detailing the scope, timeline, and budget if awarded the contract. Balancing self-promotion and clear commitments is essential. Investing time in creating a proposal template allows for quicker iterations in response to requests.