Official description: A site for managing and collaborating on a project. This site template brings all status, communication, and artifacts relevant to the project into one place.
How to Create Project website
Step-by-step instructions to create a project website in Sharepoint 2013:
Goto Sharepoint Admin Center and select New -> Private Site Collection from Site Collections tab in the Ribbon bar.
Select Project Site in Template Selection section in New Site Collection dialog box
Type the required information in the dialog box and press OK to create the Project Site
The Project Summary home page consists of project Timeline, Tasks list, project documents & Newsfeed blog for conversation of the project.
In the next article we’ll see how to work with project Timeline and other artifacts.