PeopleSoft Project: PeopleSoft Project is a temporary endeavour undertaken to create a unique peoplesoft software product. Installing PeopleSoft Payroll module is an example of peopleSoft project. This Payroll module will take care of the companies payroll related requirement.

Types of PeopleSoft Projects: Following are the types of Peoplesoft projects: 

1. New Implementation: In this category, one or more new modules of PeopleSoft are installed, configured. A company could implement Payroll and Benefits Administration module to replace its legacy payroll system. Another company could implement General Ledger, Accounts paybles and Purchasing module to start a new accounting, purchasing and payables system.
2. Upgrade & Patch application: PeopleSoft is improving its lines of software and keep releasing new versions. Along with the release of new versions, PeopleSoft may also stop supporting older versions. This makes all clients who have older versions need to upgrade the PeopleSoft system to newer versions. This also could involve just PeopleTools upgrade. The complexity of the project depends on two things, from which lower version to which higher version the upgrde is about and level of customization done to vanilla software.
3. Custom Development Projects: PeopleSoft venilla software may not be adaquate for many clients, and obviously they need to customize the PeopleSoft to their requirement. Normally more custom developments happen in the area of reports, interfaces and conversion.  

Read Furher:http://psadmin.wordpress.com/2008/09/15/peoplesoft-project-management/