MS Project Reporting: Schedule Status Indicator

MS Project views can be configured to display graphical status indicators which provide a quick view of certain data. This can allow Executives, Project Managers, and Team Members to easily manage projects on an exception basis, rather than unnecessarily spending large amounts of time analyzing detailed project data.
Schedule Status graphical indicators specify the status of each task in a project schedule with respect to the current timeline.
When the Schedule Status is evaluated for each task, the item is tested based on a set of criteria:
Is the task complete?
Is the task overdue?
Has the task been baselined?
Are we forecasting the task to finish early or late in the future? Refer the following URL for complete article: MS Project Reporting: Schedule Status Indicator