Yes you can accomplish this through both developer customization and low-code/no-code customization. 

Some options would be:  Updating the text displayed for each status while maintaining the underlying status structure and workflow, adding new statuses which would require building workflow for each status, and/or adding an additional status field ‘PM Status’ with drop down values.  

There are several other possible solutions that I did not mention, with some more details or a path forward we can add some clarity on the options. 

@Robert Sternberg  - how would i go about updating the text displayed? I am OK with doing that while leaving the status structure and workflow

Begin by customizing the Status field. Ensure you have the Customizer role. Access the customization menu and choose 'Inspect Element' to select the Status field. Select 'Customize' and either link an existing customization project or create a new one.

After saving the project, navigate to the left-side tree, select 'Fields', add the Status field, and choose 'Combo Box Values'. Update the description as needed.

Before implementing the changes, conduct tests in a sandbox environment. Once satisfied with the results, schedule a time to publish the customization. This approach helps minimize the impact on users during the system restart.

@Robert Sternberg  this is fantastic, thank you! Only issue I’m having is in the customization project editor.  I selected PM308000 (change orders) as my screen and I don’t know how to add the status it’s giving me a bunch of stuff that doesn’t look compatible with your screen. when I go to add a line it asks me for container, DAC, etc?

Hello @katiedavison 

Hopefully this helps!

@Robert Sternberg everything worked and I was able to modify the statuses based on your post! THANK YOU! It appears though that the status in change orders is somewhat of a fixed field and is not a true “drop down”.  any idea how I can incorporate the changes to the screen with this in mind?

hey @Robert Sternberg  just following up here to take one last stab at it before i just look into a customization 

Hello!  What version are you running.  On 2023R1 I was able to get this to work successfully. 

I was able to get this to work in Change Orders as well.