What is the first step in creating a new project in Avid Media Composer?

The correct answer involves selecting "New Project" from the Project menu and configuring the project settings because this action is the foundational step in setting up a project in Avid Media Composer. When you create a new project, you need to establish the project settings that dictate the resolution, frame rate, and other critical parameters that will affect how your media is captured and edited.

Choosing to start a new project via the Project menu ensures that you are directed to the appropriate interface designed specifically for this purpose. The configuration of project settings is crucial, as it defines the overall workflow and compatibility of the media you will be working with later in the editing process.

Other options either involve actions unrelated to initializing a new project or are misguiding. For instance, opening an existing project or importing media prematurely does not set up the foundational structure required for a new project, which could lead to complications as you proceed with your editing tasks.