For every project you create, Premiere Pro creates a project
file. This file contains the settings you select for each sequence
in the project, as well as crucial data about the assets, edit decisions,
and effects used in the project.
Premiere Pro doesn’t store video, audio, or still image files
in the project file—it stores only a reference to each of these
files, a clip, which is based on the filename and location
of the file at the time you imported it. If you later move, rename,
or delete a source file, Premiere Pro can’t find it automatically
the next time you open the project. In this case, Premiere Pro displays
the Where Is The File dialog box.
By default, every project includes a single Project panel. This
acts as a storage area for all clips used in the project. You can
organize a project’s media and sequences using bins in the Project
panel.
A project may contain multiple sequences, and the sequences within
a project may differ from one another in their settings. Within
a single project, you can edit individual segments as separate sequences,
and then combine the segments into a finished program by nesting
them into a longer sequence. Similarly, you can store multiple variations
of a sequence, as separate sequences, in the same project.
Note: There’s no need to save copies of a project when creating
different segments or versions of the same video program. Simply
create new or duplicate sequences within a single project file.