Project creation wizards create a specific type of C or C++ project based on a project template for the chosen type. A project template contains factory settings and adds your project with default project files such as build scripts, launch configurations, and base implementations specific for the target hardware, source language, and type of target application (also known as build artifact).
A build artifact is the file produced as a result of a build. Each wizard sets the build artifact type based on the wizard type. For example, the application wizard configures the build artifact as ARM32 Executable. The library wizard that creates a project for a static library sets the build artifact as ARM32 Library.
Factory settings defined by project template configure toolchains for building and compiling code and define other metadata such as core preferences for the IDE. These settings include default configurations for the target processor core, source language, and debugger. For example, instead of configuring make files for the target C or C++ language, you can select the language in the project wizard, and the wizard will automatically fill MK files with necessary settings at build time. Settings available in project properties are defined by the project template and selected in the wizard.
Wizards provide factory default settings and allow you to customize the settings by specifying project name, target processor family and making other changes specific to the target application or processor.
Default settings will be used in the created project if you leave their values intact and proceed with the wizard by clicking Next on its page. These settings can be further configured after creating the project by using project properties, see section C/C++ Build Tool Settings.