You cannot add more states in the out-of-the-box state field but you can easily create your own custom states and crease workflow rules to set them. For example, if you set Phase to completed you can have a workflow rule that sets $State (or your custom states) to completed.
Evaluation criteria: multiple states/phases
Can I have multiple $project.state - completed, cancelled, etc in Set Evaluation Criteria and have the Set Action ( Update Fields) correlate to the $Phase - completed, cancelled, etc?
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