Project events generate automatic emails to the project members. In order for a team member to receive an email, the project must have email notifications enabled, the team member must have a high enough security level to read the item and have their email notification settings for that item enabled.

Create Event

When an item in the project is created, this event is triggered. It is shown in lists as 'C'

Update Event

When an item in the project is edited, this event is triggered. It is shown in lists as 'U'

Delete Event

When an item in the project is deleted, this event is triggered. It is shown in lists as 'D'. Note that the event is fired immediately prior to the item's actual removal.