A Workspace is a container for Processes, Process Elements, and Associations content. One workspace can contain multiple process versions. One specific process version is marked as the valid version and one specific version is the working version.

A workspace is a container where your process resides. You will typically see a related set of workflows (process) organized in a given workspace.

Additionally, a workspace will also contain settings to configure and manage the process in that workspace.

It is important to understand that workspace contains process that people collaborate on. Workspace does not belong to any user, but is created to house (model, use and execute) a process. Depending on the permissions, user(s) may be able to take specific actions, including modeling or just viewing of a process, in a workspace.

Another point to be noted is that when a process is versioned, all the workflows that make up the process in the given workspace are versioned at one go. You can read more about versioning here.