It's a bit unclear what you're trying to achieve, but in case you are talking about the overall project status, well there is no such thing directly implemented.
However a quick workaround is possible:
We use something like this for automatic reporting reasons.
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When you say "update status" does this mean you already have created a status and want to change it? Or are you trying to create a status?
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What about this documentation?
https://confluence.atlassian.com/adminjiraserver073/defining-status-field-values-861253256.html
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You don't. Projects do not have a status for you to update.
I think you are asking about something else, but I can't guess what from your question. Could you give us more detail?
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What "flow chart"? Please, you need to tell us what you are asking about, not just make disassociated statements that have nothing to do with Jura.
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