The answer is no. The project structure lets you organize files, libraries, and other objects similar to a file directory structure, but these do not directly correlate to the directory structure. These files can be located any where and everywhere. If you move a file around on your hard drive, the project may spend some time looking for the new location, and if it can't find it, ask you where it is. Adding or deleting files from the project doesn't directly create or delete files.
That said, it has been recommended to me through NI training courses that you should try to have the file and directory structure modelled after the structure in the Project to make it easier to find files.
Message Edited by Ravens Fan on 06-12-2007 10:48 PM