You can create the following types of projects:
An empty project that initially contains no items.
Based on a baseline.
Based on any version of another project. The new project is a child of the parent project from which it was created.
Based on the items that are currently under work in your workspace. The new project includes the item revisions from the current project in Dimensions, not any local changes that have not yet been checked in or delivered to Dimensions. For example, if you updated your workspace with the most recent revision (1.5) of readme.txt and have made some local edits to this file but have not yet delivered those edits to a new revision in Dimensions (1.6), the new branch project will include revisions up to 1.5.