I am currently studying the textbook Mathematical methods of quantum optics by Ravinder R. Puri. When going over some basic facts associated with bra-ket notation, the author says the following:
The vector $\mid \phi \rangle \langle \phi \mid \psi \rangle$ is the projection of a vector $\mid \psi \rangle$ along the vector $\mid \phi \rangle$.
I'm unsure of this. The scalar product $\langle \phi \mid \psi \rangle$ is a measure of the overlap between the vectors $\mid \psi \rangle$ and $\mid \phi \rangle$. So how is it then the case that $\mid \phi \rangle \langle \phi \mid \psi \rangle$ is the projection of a vector $\mid \psi \rangle$ along the vector $\mid \phi \rangle$? I would greatly appreciate it if people would please take the time to explain this.
You are already on the right track
Indeed, and overlap can also be read as projection, this is just a simple inner product of two vectors. And you know that is the way of getting a projection: via the inner product.
Now if you multiply that scalar times the vector $|\phi \rangle$ you will get the projection along $|\phi \rangle$