This is the 2708th most frequent Russian word.
важным
Important.
Here, "важным" is used as a predicative adjective describing the noun "аспект" to express its significance.
Семья является самым важным аспектом жизни.
Family is the most important aspect of life.
In this example, "важным" appears as part of the impersonal construction to denote something has importance or necessity.
Важно оставаться честным в сложных ситуациях.
It is important to stay honest in difficult situations.
"Важным" is utilized here as an attributive adjective to highlight the relevance of "проект" in regard to the team.