Assigning statuses is a convenient way keep your users organized as they move through the registration process. Each user can be assigned a specific status, which can then be filtered and reported on. Additionally, status can also be used to designate users as active or inactive or archived. 
You can also do this by clicking the status of any user. In the image below, you would click on the status "Approved". A pop up will appear. At the bottom, you will see "Edit Statuses". Click on this. 
A module will appear displaying all of the existing statuses. Locate the status you would like to edit or delete, and click the "Edit" to the right of the status. 
Clicking the edit button will open a module where you can edit the name of the status, change the color of the status, or mark it as an inactive status (click here for more about statuses). To mark it inactive, simply select click "False" to the right. Clicking once will change the answer to "True" and users will be marked as "Inactive". Click again to return to "False" if the status is an active status. 
Next, click the green "Update Status" button after changing your settings and your status will be available to assign to users. Note that if you select, create or edit a status where the checkbox next to "User INACTIVE when in this status", that means the user will be archived and not counted in your total user count. Their information will still be available and you can still access their data or move them to a non-archived status at a later date. If you would like a user in this status to port over to a new project, users must NOT be INACTIVE. All users marked with an inactive status will not port over.