This with ref to my earlier post regarding OOB Project Archiving.
Some of you wanted to you know what to do about Archiving associated SharePoint Project Workspaces. Well, there is no OOB automated solution for this. When an EPM project is Archived, the SharePoint Workspace will remain as is (unless selected to delete), i.e. the two are ‘decoupled’ when the Project is Archived. If you want to also move the workspace from the ‘live’ site collection to another (say Archive Site Collection), then you will need to do this manually by using the appropriate SharePoint STSADM tools.
If you are moving the Workspace then remember to jot down the ‘new’ URL in the list of projects archived. This will assist you when you restore the project and re-link to the workspace. I will cover the process and best practices of restoring projects in the following post.