Administrators set standard defaults for projects, tasks, timesheets, and the system that help users work faster and more efficiently as their needs are preset.
Project Preferences allow for the identification of project, task, and issue needs when new work is created. Additionally, defaults for how active work items behave. Setting an organizations typical behaviors will save managers and users time as they will not need to manually make these adjustments every time they occur, Workfront will automatically do it.
Schedules play a role in how work is planned. They indicate organizational holiday, typical work day schedules and variations so that the project schedule accounts for them when its being planned. Additionally, schedules can be used to account for groups/teams who have different needs, like maybe a 24/7 support team or a project that will have a 6 day work schedule instead of the standard 5. Using schedules is the way to inform Workfront of these variations.
System Preferences is where administrators set security preferences, like password needs. This is also where admins identify how/where users can access their Workfront instance. For example, if users can access it on a mobile device or not.
Timesheets preferences establish what work will populate within a timesheet as well as what a user can update like expense or add comments. Ideally, admins use these preferences to customize the work experience users will have when working with timesheets.
Each of these preferences impact how users interact and manage their work. Your organizations preferences are designed to make work better.