Statuses can be used in new-gen project management to represent various phases a task goes through from start to finish.

Step 1: Create the status from project settings

To create a new status you need to be the project admin. 

1. Go to project settings > Go to status settings under the "Tasks" section

2. Click on "+ New"  > To create a new status type

3. Provide the Name and Description

4. Optionally enable the "Allow users to estimate effort" setting so that project members can add effort for these statuses.