I'm currently working through the training simulator to learn the fundamentals for this software. I'm stuck as I'm at the point where I need to develop graphics and start binding to tags. The button to launch the Idea Studio is missing in this project. I would expect to see it right next to the button to launch the tag configurator. Is there another way I can open Idea studio? Any ideas on how to correct this issue?

If I start another project, Idea Studio is there.

Are you using the latest simulator? See the help caution below:

found at the below link:
https://www.vtscada.com/help/Content/Op_Welcome/Wel_UpgradeNotes.htm?Highlight=update%20new%20version

If memory serves me correctly a common mistake when folks are going through this tutorial is to attempt to complete the instructions using the simulator app. That application is locked and should not be edited. It is meant to be started and run in the background, simulating a PLC which you will connect to as you work through the tutorials.

If you check through the instructions, you will likely see that you should have created a new application and should be working in the new application to develop your screens and create tags etc.

Hopefully that helps.