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, Set the status category as per:
a. "Yet to start" if the status represents that work is yet to start on the project task.
b. "Work in progress" if the status represents that work is in progress on the project task.
c. "Completed" if the status represents that work is completed on the project task.
4. Optionally enable the "Allow users to estimate effort" setting so that project members can add effort for these statuses.