We have introduced a new field to define Stages for a Project. This field is customizable, i.e. you can create and edit your own Stage names and order, from the Projects web app, More-Options menu.
The default Stage names are: Initiation, Execution, Planning, Completed.
Note that for existing Projects, the Stages field replaces the Status field. The Status field now only has two values: Active/Open or Closed. You must now use the Stage field to specify your own stage values.