What version of Premiere Elements are you using and on what computer operating system is it running?
If you are using Premiere Elements 13/13.1, you start a new project.
If you are using a version of Premiere Elements earlier than 13/13.1, then you "might" be able to edit the Notepad document of the saved closed project file (.prel).
Please review the link above, and then we can decide what next based on your reply.
You cannot make significant changes in Edit Menu/Project Settings/General once that project preset has been established. But, the Edit Menu/Project Settings/General is valuable in letting you know what has been set if you do not know.
We will be watching for your reply.
Add On...Please let me know if you need help deciding what the appropriate project settings are for your project. But, remember to include details of the properties of your source media and project goal.