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A project proposal, also known as a business proposal, outlines the approach to meet specific project requirements and constraints. It serves as an opportunity to present your team to a potential client, highlighting your strengths and past accomplishments to demonstrate why you are the best choice for the project. The proposal is also a written commitment detailing what you plan to execute if awarded the contract. It should balance self-promotion with clear commitments to scope, timeline, and budget. Taking time to create a proposal template can facilitate quick iterations for future requests. The tutorial suggests seven key components for effective proposals.