Projects are essential for several reasons: 1. Strategic Alignment: Projects help align organizational activities with strategic goals. For instance, launching a new product or entering a new market are strategic objectives that can be realized through well-executed projects. 2. Innovation: Projects foster innovation by providing a structured approach to developing new ideas, products, or services. 3. Efficiency and Improvement: Projects can improve business processes, resulting in cost savings, enhanced productivity, and better customer satisfaction. 4. Risk Management: Projects enable businesses to manage risks proactively by identifying potential issues and developing mitigation strategies.