A project's properties hold all the information to build and run your application, such as:
Build Paths
Defines the order in which the directories of files are built, and the order in which locations are searched for copybooks.
Build Settings
These include information such as the types of target files to build, the target platform and so on.
Build Directives for Standalone Editing
Enables you to specify any Compiler directives to be used when compiling standalone COBOL files when no associated program symbols files (.idy) are found.
File Extensions
You can also associate a file extension with the content type of a COBOL file, using Window > Preferences > General > Content Types.
Run-Time Configuration Properties
These include options such as the search order for called programs, run-time arguments, run-time tunables, COBOL switches and so on.