Some tips about using the Project Manager context menu.
The virtual directories help you organize all your assets together in one place regardless of where they are stored.
In other words, you can use a virtual directories to organize similar folders or files that are located in different locations.
This can aid in productivity when you work with lots of assets that split into many locations.
Instead of clicking through a bunch of directories to find the desired files or directories, including them in a virtual Catalogs or Favorite makes for faster access.

Using Project Manager you can be sure that you have complete control over external links in your scenes.
Asset tracking features include support for XREF files and easy linking with external files.
Using the Asset Files tab (and Batch Render&Relink), you can search for missing assets and relink external files.
Files may also be differentiated by type and/or renamed in accordance with masks.