Welcome to the Forum @anon40313276 and thank you for reaching out!
As it stands, it is no possible to customize the Project status options. There is an existing thread in the #productfeedback category regarding this topic: Customization of Project Status Update within Progress Tab. I would encourage you to cast your vote on the thread.
And as @Bernie_Orelup mentioned, you can create Custom Fields instead using the names that better address you industry. Please have a look at the following tip. You might find it helpful.