Project Tempo, Key And Time Signature
Choose a master or project tempo, key and time signature on the Project Details Tab.  Alternatively, you can edit the first marker on the time line.

Project Tempo *
All sounds that have a tempo and are set to Adjust To Project Tempo mode will adjust based on the project's tempo.  For example, if a sound has a tempo of 200 bpm and the project has a tempo of 100 bpm, the sound will play back two times as fast and be 1/2 the normal duration.  In addition to affecting any tempo adjusted sounds, the project tempo also determines the Metronome's speed.  

Project Key *
All sounds that have a key and are set to Adjust To Project Key mode will adjust based on the project's key.  For example, if a sound has a key of A and the project's key is B, the sound will play back two semitones higher than normal in order to be in tune with the key of B.

Project Time Signature *
The time signature affects the software's snap behavior if the snap is set to Snap To Measure or Snap Bar.  For example, if the time signature is 3/4 and the software is snapping to the measure, it would mean that the software is snapping every three beats, instead of four beats for 4/4 time.  As expected, the metronome plays based on the current time signature.  

The numerator of the time signature indicates the number of beats per measure and the denominator indicates what type of note receives a beat.


* Keep in mind that this setting only affects the time period from the first marker to the second and is really just a shortcut or convenient interface to access the first marker's settings.