Projects are a container for all the activities and resources related to the work you are doing. Examples include Compliance, Product Development or Business Software Implementation work - there are many more.
The Project Home page shows an overview of each of the projects, allowing you to manage multiple streams of work. From this page, you can configure your project by clicking on the configure option to the left of the project name.
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As you click on the name of your project, you will see the details of each app related to the project with charting options. From here you can drill down to plans, specifications, requirements and issues.