A Project is a new VR environment. You can think of a Project as a house. A Project may contain many linked Scenes. A scene may contain many Panels.
You can think of a Scene as a room. If a Project is a house, a Scene is a room within the house. A Project can have as many Scenes as you want. Scenes may be linked to each other by hotspots (interactive ares within a panel image), or by making an entire Panel interactive. A scene can contain either 4-8 panels (for best results) or 1 panoramic Panel.
The hierarchy is: Projects > Scenes > Panels.