The Update Install Status function allows you to update the install status fields for multiple Products at one time:
Install Status fields update automatically from Tasks but if you are not using Tasks, this is how you can update these fields in bulk.
Select the Products you wish to update and then click the [Install Status] button in the Update section of the ribbon. This will open up the following form:
Here you can select the fields you wish to update and enter values. Click the "Manage Order Statuses" link to add/edit/remove from your list.
Click the [Update] button when done. This will populate the selected fields for the selected Products:
You can also view these from the Edit Product form: