You can add a text status for the project as well as a status colour (either red, green, or yellow) to let everyone know where the project stands. This can be done from the Project View page, which you can access by clicking on a project in the Projects page and clicking on the Go to Project button. Under the Progress tab you will see the status and project sections. The Progress section displays a chart of completed, incomplete and pending tasks over the last few days.
You can change the status by selecting a colour and entering a text description and then pressing Update Status.