In the Referenced C/C++ Projects list, you can set project dependencies for the new project. In the list of other projects in the Workbench, you can select one or more projects that the new project will depend on. Initially, no projects will be selected.
For example, if you associate myProject with mySubProject, the IDE builds mySubProject first, followed by your project (myProject). If you change mySubProject, the IDE doesn't automatically rebuild myProject.