Here you can add/edit/delete Project Status.
The Manage Project Status form is where you can edit your list.
Status allow you to designate the level of completion of a Project. There is a column that displays this field in the Project Explorer so you can easily filter your Projects by this setting:
The Status field can be updated at any time for a Project by editing the Project Information.
You can add/delete Status from your list. You can also use the Move Up/Down buttons to position Progresses. When adding a Progress, you will give it a name as well as choose a State from a list of three options: Open, Won, Lost.
These State designations are used in the new Dashboard Explorer to determine which Projects you want to view for a particular Dashboard.