How to add a new projection for use in MapInfo Pro

To add a new custom projection for use in MapInfo Pro, the MapInfow.PRJ file,  found in the Professional directory, must be edited.
Full steps on adding a new projection, see Appendix B "Elements of a Coordinate System" in the MapInfo Pro User Guide  
(Note: MapInfo Pro versions 16 and later provide this information in a dedicated chapter concerning Coordinate Systems and not in an Appendix)
The information explains in detail the concept of "projections" and explains the steps and parameters needed to
create a custom projection string and then add that string to the mapinfow.prj file for use in MapInfo Pro.

UPDATED:  October 2, 2018