LabVIEW Project
A LabVIEW Project is a file with extension, *.lvproj. It is an XML file that stores information about the files, targets, hardware configurations, and build specifications that make up a project. The Project Explorer is used to view and edit these files. It is not recommended to edit the XML directly.
Project Items
Inside of a LabVIEW Project, there are many types of ProjectItems. A full list of ProjectItem can be viewed on the ProjectItems page.
Libraries
When other Libraries including LabIEW Project Libraries, LabVIEW Classes, LabVIEW StateChart Libraries, and XControls are added to a LabVIEW Project, only the Library file itself is referenced in the LabVIEW Project file. This is helpful because adding to or modifying a Library won't necessitate a change to the LabVIEW Project file and wouldn't require the LabVIEW Project file to be updated in Source Code Control.
Project Properties
The Project Properties dialog can be accessed by right-clicking the LabVIEW Project (top-most item in the Items tree) in the Project Explorer and selecting Properties.