You can edit a project after it has been created. You can re-name it if you would like, and also edit the description of that project.
To do so, simply navigate to the project you want to edit and choose the edit option from the drop down in the top right of the page.
Once you choose this a new page will show with the title and description so it can be adjusted to your preferences. Once your changes are made remember to click the 'Update Project' button for your changes to save.