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What kind of projects is Project Operations suitable for?

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I'm trying to understand what kind of projects MS Project Operations fit. 

Is it suitable for running complex software development projects, running for 6-18 months? Where you need to utilize a combo of both waterfall and agile methodology (Scrum as well as Kanban)? Where you have both internal and external team members participating? Where the project is part of a bigger program (delivery team) with several projects and shared resources? 

Or is Project Operations more suitable for short project assignments of less than 2 months and less complex requirements? 

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