A project is the activities as well as the assessments inherently differentiated — that is, designed to challenge students with a range of learner characteristics. Using both individual and cooperative group structures, students make progress through a long-term project. This project highlights the power of teacher collaboration and culminates for the students in a presentation to the school community or to family and friends.

A project has several components that are completed by students on their own, as well as in groups: 

Student Choice
Dividing The Tasks
Developing Essential Questions

Research

Designing models and presentations

Presenting

Assessment is so much more than scores on standardized assessments. The strategies described provide formative information that determines the next steps — allowing the teacher to respond and expand instruction. A project also provides summative data on important knowledge and skills.

(https://www.nysut.org/-/media/files/nysut/resources/2012/may/educators-voice-5-assessments/edvoicev_01_wow_project_based_assessment.pdf)