Projects are the sub-divisions of your whole Event or Workload. In some instances, Projects may be referred to as "Venues", "Work-Flows" or even "Events".
Projects are made up of Tasks that must be completed for the Project to succeed. Different Departments can be allocated responsibility for these Tasks and can own Tasks across a number of different Projects.
New Projects can only be created by those with the required permissions - you will know if you are allowed by clicking on the Quick Add button in the toolbar. If you have permission, there will be a link to "Add Project"; if not, there won't.