Project settings is where you can control the project level attributes:

  1. Name  -  The name of the project
  2. Color  -  The project color 
  3. Estimate  -  The amount of hours budgeted to complete the project
  4. Start Date  -  The start date of the project
  5. Due Date  -  The project deadline
  6. Archived  -  Remove the project from your active list.
  7. Note  -  Any additional information about the project

From the settings you can also control who is on the project team. 

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