Description: Project Statuses are customizable. If the project is in the concept or proposal phase, its project status can be "Proposal" or "B&P". Once the project is won, it can go into the "Open" or "Contract" stage. These terms can be whatever nomenclature you choose. Project Statuses are used in the reporting. Other examples of Project Status include Closed (default), Pending, Planning, Concept, etc. Consider Project Status similar to the workflow or state that a project is in. A given project can "move" from Pending to Planning to Open to Closed as the project progresses. All Project Statuses should be assigned an attribute as either Active or Inactive.
Below is a sample setup showing available Project Statuses in a Project Profile for a company that wishes to track multiple pre-sale phases: