Defect life cycle, is the route of a defect, which it goes through, during its lifetime. It can vary from organization to organization, and even from project to project as it is managed by the software testing process, and sometimes depends on other tools used (mainly bug trackers).
Some of the familiar values used for defects, during their life cycle are: New, Assigned, Open, Fixed, Retest, Reopened, Deferred, Rejected, Duplicate, Closed, Not a bug (by-design).
There are others of course, and some groups might use combinations of these values (such as Closed-Fixed, Closed-WontFix, etc.).
Defect Status customization enables you to manage the defect life-cycle. You can use your own internal terminology and statuses for it, as defined by the project.
There are default values and you can of course use them – these basic pre-set statuses are suitable for most defect life-cycle management procedures:
If you need additional statues, or to change some (or all) of the pre-set statues, you can customize the values: