The intent of a thesis is to advance the state of the art, while the intent of a project is to apply the state of the art.  The results of a thesis should be publishable as a journal or conference article, while the results of a project may or may not be publishable. Students completing a thesis receive 6 credit hours for their effort, while students completing a project receive 3 credit hours for their effort.  Work on a thesis is more likely to be funded than work on a project.  Both a thesis and a project are reviewed by a graduate committee comprised of three faculty members.  A thesis is presented to the faculty committee, while a project is usually presented in graduate seminar.  Expectations regarding the quality of written and oral presentation are the same for both a thesis and a project.