Projects require the Service Management add-on.
When adding a product to an opportunity with a project plan connected, the opportunity will show a new tab named Projects. If a project template is set to All products, the tab shows on every opportunity. An opportunity that has already created projects also shows the tab.
Inside this tab you'll find information about the projects that will be created when the deal reaches the stage set on each project template. The stage is chosen when you create a project template.
This is a place for the sales reps and project management team to hand-off information like project dates and notes from sales. Fill in this information before the deal reaches that stage. Once the project has been created, its card in the tab can no longer be edited.