Copying existing programs can save you time, particularly if an existing program has the same or similar data to the program you want to create. For example, see if any of your existing programs are similar enough that you can copy their entire configuration (e.g., program data, branding, custom questions, documents, etc.) or just their program data (e.g., name, deadline date, degree type, graduate track, etc.).
Your new program is created with the same name as the original and "-copy-1" is appended. Be sure to edit the new program to update the name, data, etc.