Creating a project is very easy. Go to WP Admin → Project manager → Projects → New Project.
When you click on the “New Project” button you will get a pop up containing options for creating a new project:
When creating the new project, you can add project categories, You can also add all the co-workers right from the modal window and if you check notify, they will receive email notifications.
When you finish filling out the fields, hit the “Add New Project” button to create the project.
With the new WP Project Manager v2.0, you will see Incomplete/Complete badges on Project Header, as shown below.
That is how you can create projects.