You can archive a project by clicking in the 3 dots and selecting "Archive":
Only certain Manager level permissions can archive projects
Archived projects can be included in Reports - please check "Project State"
Although Tentative projects with past assignments can be archived, they are cannot be included in Reports.
If you made a mistake or wish to use an archived project as a template, you can unarchive a project by following these steps:
Manage>Projects.
Switch to the "Archived" filter
3. Click on the 3 dots next to the project you wish to unarchive and select this option.