Project Proposal @ work

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Ok guys, I’ve got an idea for what could turn out to be a large project at work and I’ve spoke to my boss about it and he said write up your proposal of what you want to do. Obviously I need to include what I want to do, but should I into detail about the benefits to the company, and details about the software and how it can be configured?

Also what format should I write my proposal, formal or informal?

I've never done anything like this before, so really have no idea.
 
Thanks for the advice so far guys.

I thinking of setting it like this:

Opening paragraph or two explaining my proposal. Then going into detail about the current state of things and then explain how I want to change it. Then move onto any advantages and disadvantages of the current situation and then followed by the advantages and disadvantages in regards to the changes.

I then do a break down any costs, both financial and people costs, followed a brief conclusion.

Any thoughts of the lay out?
 
Thank you very much for the help guys :)

Hoping to have my proposal ready for Tuesday and I'll have to see where it does from there.
 
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