Maintaining an accurate Project Status will help you take advantage of filters, reports, and accurate project tracking.
For all new projects, and any project you want to remain open for quoting activity, leave the status to the default IN PROCESS status.

You may use the Project Status filter to help you find and focus on projects of one particular status.
If you track your project status diligently, the Project Statistics report can break down and display projects by their current status. This is especially helpful for providing management with updates on current projects or to get a snapshot view of the overall quoting status in a given timeframe.

