Click into a collection to see the Collection Management panel:
The header shows the Collection Name, Date of the event, and the Status of the Collection. You can click on the little pencil icon to edit these.
This is the "featured" photo that serves as the "cover" of your collection. It spans across the entire screen and is the first thing your client will see when they view the collection. You can update this by uploading a new photo (click on Change Cover), or click on an existing photo and make it the cover (Select image > More > Make Cover). You will also get to choose a cover template on the next page.
You can categorize photos within a collection via Sets. For example, for a Wedding Collection, you can have Sets: Getting Ready, Ceremony, Reception etc.
The different set names will appear in the navigation bar for easy access.
This is where you can update Collection information, add/change Password, and review the overall Settings for Downloads, Favorites, Share Status, and Store price sheet information.
Under Activity you are able to view the Download, Favorite, Private Photo, and Email Registration activity for this collection.