A project template facilitates creation of projects that are similar. Using the Project Explorer, you can create project templates if you have the Manage Collaboration Projects activity right.
The steps to create a project template are very similar to those for creating a project. A project template can be created:
Project templates are very useful for quickly creating projects that closely or completely resemble an existing project. For example, if a project recurs on a quarterly basis, you can create a project template based on the first quarterly project and then use the template to quickly create new projects for the subsequent quarterly projects.