Required and Non-Required Fields in Project Overview

Desired Capability: Simplification
Goal: 1. Business entity should be a mandatory fied and it has to be updated while creating the project itself.
2. Now it shows all the field while creating the project but a few fields are not required and sometime our team doesn't know either they have to fill up all the fields or only a few fields are enough, if it's only a few fields are enough then the remaining field has to be hidden when we select the project. For example: for implementation project it's requried all the fields to be updated but for Managed services or staffing project only a few feilds are enough but it shows everthing while creating the project so our team is getting confused which are the fields they have to skip.
It would be great if you check and do the needful as soon as possible.
Use Case: Provided by Ziffity Solutions Pvt Ltd