The final project for IT 340 involves creating a networking report for a fictional advertising agency, detailing its business and technical network requirements, including strategies for WAN connectivity, IP addressing, and wireless access. The project consists of three milestones and aims to demonstrate mastery in telecommunications and networking principles, as well as practical competencies. Key requirements include providing fast connectivity for multiple locations, accommodating remote workers, and ensuring backup solutions while adhering to a budget of $1,100 per month.