This is the third layer of an Application. Consider it as a grouping of Metrics.
There may be one or more Objects per Application.
On initial access you can see a list of previously defined Objects. This list can be sorted for any Column.
Click on the Add button on the upper right toolbar to add a new Object.
Select a previously defined Application and Version, and simply choose a name for the new Object. Also choose whether Metrics of this Objects should be exportable to Remote Analyst.
Click on the Copy button on the upper right toolbar to copy Objects (and associated metrics settings) from one Application & version to another.