Projects are the manifestation of getting things done.
At the lower level, a project can be associated with an Epic in Jira and then there are stories and so on.
Projects may live by themselves and just be related directly to work that needs to be executed on. We're not trying to be too opinionated on how you should use them.
However, if you're interested in a recommendation, we have just the one for you.
Goals can be supported by sub-goals or projects. We think that goals are really what you're trying to achieve as a business outcome, and projects are the manifestation of how that work gets done.
Here's how it can look.
We get a clear view of how projects support an ongoing goal.
From the project perspective you can relate your project to a goal like this.
Either way, with Project & Goal status tracking for Jira, we've got you covered however you decide to organise your work.