What is the use of "Projects" function under Admin Tools widget?

Unit Admins can manage project status and its color codes using Projects function in the Admin Tools widget.
Click on Edit button adjacent to any statuses listed and update the status name and choose a custom color by clicking on the color radial button which opens color palette window. Click on Save button to save the changes or Cancel button to discard the changes. 
These color codes are assigned while creating and editing a Project and gets displayed adjacent to each project under the Project widget.