Deployment of the project:
Deployment is the process of compiling, packaging and then installation of the application on the application server.
Build is the process of compiling and packaging of the application into war or ear format. In most of the cases build process also deploys (installs) the application on the server.
These days maven is used for build and deployment process.
Read more at about maven at http://www.roseindia.net/maven2/