A continuation project proposal is a document submitted to investors or stakeholders to update them on the progress of an ongoing project and, often, to justify the need for continued funding or resources.
In more detail, a continuation project proposal serves several key purposes:
- Communicates Project Progress: It outlines the accomplishments, milestones achieved, and any challenges encountered since the last report or initial proposal. This provides transparency and accountability.
- Demonstrates Value and Justification: It showcases the project's current standing, demonstrating the value it brings and justifies why it's worth continuing to invest in.
- Requests Continued Support: While not always the primary focus, it often implicitly or explicitly requests the continuation of funding, resources, or support needed to complete the project successfully.
- Addresses Potential Issues: It proactively identifies any deviations from the original plan, explains the reasons for these deviations, and proposes solutions to overcome challenges. This builds trust and shows responsible project management.
- Reinforces Alignment: It reaffirms the project's alignment with the overall strategic goals and objectives of the organization or investors.
Essentially, a continuation project proposal is a vital communication tool that ensures stakeholders are well-informed about the project's journey, performance, and future direction. It's distinct from a supplemental project proposal, which specifically requests additional resources beyond the initial budget.
