A project is simply a prepared speech. Projects are taken out of the Toastmasters Project Manual. The Communication and Leadership Project Manual consists of 10 projects, each emphasising a different aspect of public speaking. Each project states objectives that have to be acheived and guide a speaker through the aspect of speaking being addressed.
Once you have completed 10 projects, you will be awarded a Competent Communicator Certificate (or CC status) by Toastmasters International. This status and certificate is recognised worldwide as an indication of your speaking capabilities. After achieving this certificate, you can move on to achieve the status of Advanced Toastmaster-Bronze (ATM-B), Advanced Toastmaster-Silver (ATM-S), Advanced Toastmaster-Gold (ATM-G), and so on.