How to change value of object which is inside an array using JavaScript or jQuery?

You have to search in the array like:

function changeDesc( value, desc ) {
   for (var i in projects) {
     if (projects[i].value == value) {
        projects[i].desc = desc;
        break; //Stop this loop, we found it!
     }
   }
}

and use it like

var projects = [ ... ];
changeDesc ( 'jquery-ui', 'new description' );

UPDATE:

To get it faster:

var projects = {
   jqueryUi : {
      value:  'lol1',
      desc:   'lol2'
   }
};

projects.jqueryUi.desc = 'new string';

(In according to Frédéric’s comment you shouldn’t use hyphen in the object key, or you should use “jquery-ui” and projects[“jquery-ui”] notation.)