Once an Opportunity has been won, it will create a Project in the Projects area of the application. This mean the Project has been signed off on and the client has agreed to pay for it. You will now be viewing a Project that came from that Opportunity.
Projects allow you to:
Have a place for all the information needed for a Project to live: project information, pictures, documents, notes, etc.
Create and manage Tasks on a project from start to finish
Create and manage change orders that occur during a Project
Manage your payment terms on the project
Stepping into this Project, you will notice a few things. You will have all the project detail associated with the account, contacts, amount, addresses, etc.
There is also any activity that occurs in the Project. This would include any change orders, people added to Project, changes to Project, or anything important to people working on the Project.