The [Preferences] option from [Project] -> [Settings] allows you to locally override some of the global Advanced Web Ranking settings in your current project. These settings are by default inherited from the Global Preferences.
Search depth
This preference controls the number of search results downloaded by Advanced Web Ranking for each of the keywords. Note that higher settings may significantly slow down your updates.
Page Rank
Here you can choose the metrics you wish to be gathered by Advanced Web Ranking (Page Rank, Alexa Rank or mozRank) and the frequency of the updates.
Reports Location
Set a specific location for this project's reports to be saved to, or just use the default location set by the application settings.
Update Settings
Here you can also specify a list of reports to be generated after each update by clicking on [Select templates].
You can do the same thing from the Output section of a report by checking the "Generate report after each update" option.