Adobe Premiere Elements creates a project file for every new project you start. By default, a project preset is used for the television standard (NTSC or PAL) you selected when you installed the program.
A project file stores only title files and references to the source files that you capture or import, so project files remain fairly small. Because only references to the source files are stored, avoid moving, renaming, or deleting your source files so that Adobe Premiere Elements can continue to locate them.