Adobe Premiere Elements creates a project file for every new project that you want to publish or save to work on later. You can also create a project before importing media.
The project file references the media that you add to a project. The types of media could include videos, images, titles, and themes among others.
Project files are small in size. They include title files and references to the source files that you capture or import. Because the project files store references, avoid moving, renaming, or deleting the source files so that Premiere Elements can locate them.