As Admin you can configure the text and words ('strings') that are displayed in your application. You might want to use terms that are different from the defaults, e.g. "Quote" instead of "Project", or translate your application to use a different language.
Each string has a hardcoded name, or 'Key', and a Value that is displayed in the application. You can change any Value to be any text that you want.
To translate your whole application at once, open Admin > Translation, pick a target language from the dropdown, and the platform will machine-translate every string for you (using Microsoft Translator). Review the suggested translations in the Translated column, edit any you want to tweak, then click Apply to commit them all. Reset returns every string to its default. Changes take effect immediately for all your Users.