A project status can be assign to indicate what stage the project is at and what needs to be done.
Available statuses are:
These can be set and changed from the Projects page.
Click into your project
Click on the dropbox menu on the right hand side of the project name
Select a status to set
Each projects status can be seen on the Dashboard to quickly identify the stage each project is at.
You can also set "Won" and "Lost" statuses. This can helpful if you wish to know what "Building type" or client you win or lose most regularly, and can plan accordingly.