A study is a subsection of a project and is used to investigate different aspects of the same part design. Each study contains its own geometry, mesh, process conditions, and, possibly, results. Multiple studies can be created from the same geometry (or CAD model) and you must create a project before you can create a new study.
Note: Importing a CAD model automatically creates a study.
Click 
then 
(), or right-click in the Project View pane and select New Study.
then (), or right-click in the Project View pane and select New Study. The new study is updated in the Project View pane. The new study does not yet have a model associated, so you need to import a CAD model.