The Project Manager screen allows you to define new projects and choose which project is currently active.
Projects are used to categorize all the data in Component Studio, to make it easier to find that data once you have many different projects. It may seem like a waste of time when you first get started, but as you build more and more games using Component Studio, you'll love that you can filter by projects. So make use of it!
When you edit a project you can set global project variables that you can use in your Component Data Sets and Designs. This is useful if you have some info that you want to be able to change in a single place.