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Project Server2013 has two permission modes:1) SharePoint Permission Mode and the other is Project Server Permission Mode.
By default after installing Project Server2013 setup, the PWA is configured to use SharePoint Permission Mode.
In SharePoint Permission Mode, the Security category would be missing from PWA Settings.
The “Share Project Web App” only works when your PWA is configured in SharePoint Permission Mode.
The “Share Project Web App” does not works in Project Server Permission Mode.