You can create a new project based on a project template.
In the My Projects portlet, click Explorer.
In the action bar, click 
New.
The New Project dialog box appears.
Select Create
template-based project.
Click Browse.
The Choose a Project Template dialog box appears.
Select the template on which you want the project
to be based.
Click Finish.
You are returned to the New Project dialog box.
In the Project
Start Day box, specify when your project should begin.
Click 
to select the date. You can also click the date-shift calculator to determine how
dates will be shifted.
In the Name
box, type no more than 100 characters to name the project.
From the Language
drop-down list, choose the default language for the project from the list.
Collaboration uses the language information when indexing the project
for searching.
As an optional step, in the Description
box, type no more than 1,000 characters to describe the project.
The description is indexed for searching.
As an optional step, in the Image
URL box, type the location of a small image (300 pixels wide x
200 pixels high) to place on the Project Overview page.
Select the status of the project.
From the Status
drop-down list, select the portion of the project that is completed.
Select the risk indicator for the project.
It can be:
No Risk
Moderate Risk
High Risk
As an optional step, select the check box and
type a number in megabytes if you want to enforce a maximum size for the
project.
Uploading a document fails if the project size exceeds the maximum
limit.
As an optional step, click Invitees
to invite users to the project.
The Add Invitees dialog box appears.
Select the users that you would like to invite
to the project.
Click OK.
You are returned to the New Project dialog box.
Click Roles and
Permissions, then add portal
users, groups, and community members to project roles and change the default
security settings for each project role. For more information, see Roles and Permissions (Project).
Click Functional
Areas, then check the boxes next to the functional areas you wish
to appear in the project. For more information, see Functional
Areas.
Click Finish.
After Collaboration copies the project template to the new project,
a dialog box appears that provides statistics about the template's objects
and whether or not they successfully copied to the new project.
After you have analyzed the statistics, click
Close.
The new project appears in the Project Explorer.