This feature is available in all editions.
A "project" in Lifecycle is general term used to group sets of work into a hierarchical structure. You can use them to:
coordinate/centralize multiple backlogs using the project tree (hierarchy).
manage multiple projects and relationships (including projects, releases, departments, organizations, geographic locations, clients, customers, partners, etc.).
Projects display in the Project Tree. To access the Project Tree, click on the Project Navigator button in the top left corner of the page. From there, you can select the project you want to work with.
Working with Projects/Releases
Depending on your role, the following project-level options are available.
Project Administration (create, edit, close, or delete projects/releases)
Assign project roles (or grant member access to projects) to control who can access projects
Assign members to a project
No matter what you call it, a project can be used to represent more than just a project. You can also use it to group releases, teams, internal organizations, clients/customers, and even vendors. See Project Administration for details.
Understanding the Project Tree
Organizations use the project tree to organize sets of related work (e.g., releases, sprints, backlog items, etc.) that will be delivered over time. Sometimes, however, the definition of a project needs to be extended as they split up large projects across incremental sets of delivery (e.g., alpha, beta, and releases), divide efforts around distributed teams, roll up multiple projects into an overall organizational view, or track the efforts of multiple modules that, together, make up a suite. In each case, the project tree can help organize it all.
Advancing your Process
Define Target Swag and Target Estimate values for Release Capacity Planning purposes.
Defining Programs, cross-cutting groupings of projects
Assigning Release Schedules to a Project