Project setup
A project file stores information about sequences
and assets, such as settings for capture, transitions, and audio
mixing. Also, the project file contains the data from all of your
editing decisions, such as the In and Out points for trimmed clips and
the parameters for each special effect. Adobe Premiere Pro creates
a folder on your hard disk at the start of each new project. By
default, this is where it stores the files it captures, the preview
and conformed audio files it creates, and the project file itself.
PDF (adobe.com)
