If some of the project's audio or video files were transferred to another location, deleted, damaged, or changed by other programs, you'll see this message:
To recover the missing files:
Right-click the file on the timeline.
Select Update.
Browse for the original file and click Open.
Done! All the missing files have now been updated and you can continue working on your project.
If you're going to edit your project, export it as a zip file. This way, all of the project files will be saved in one place and you won't lose any of them. Read the article Moving a Project to Another Computer to learn how to do this.