Within Teamwork, you can set a project health status when adding a new project update.
Note: The project health feature is available on paid Teamwork subscription plans (excluding legacy Personal and Startup plans).
In the project update modal, you will see an option to Set project health with four color options.

The selected color will be displayed alongside the project update at the top of the project's Dashboard area, allowing you to quickly identify the health of the project.

You will also see the project health color on projects added to columns in your Portfolio boards.

In Portfolio, you can also sort the cards in the columns by project health.

Customizing project health labels
Site administrators can customize the corresponding text labels for each of these health statuses in the General section of the site settings.

Under Project health labels, click the Edit button.

Click the edit button to update the labels. Once you have made your changes, click the Save button.

For more information, see: Adding Project Updates