Clicking on the Create Backup check box will create a backup of the project at its current state. That backup will then appear in the Settings/Backup tab. After creating the backup, you can uncheck this box to change the project status to open/active. The primary purpose of the backup feature is to save an archive copy of the project, which could later be restored to SurveyTester. (See page 168 for more details on the backup feature [to do]).
Users with assigned permissions can delete a project from the Lifecycle page.