This is the 1168th most frequent Russian word.
важный
Important.
In this sentence, 'важный' is used to describe the project as being of great significance or importance to the team.
Это важный проект для нашей команды.
This is an important project for our team.
Here, 'важный' emphasizes the high rank or significant role the person has within the company.
Он занимает важный пост в компании.
He holds an important position in the company.
In this case, 'важно' is an adverb derived from 'важный,' highlighting the necessity of an action: understanding before acting.