The status of a Project is comprised of risk (High Risk, Some Risk, and On Track) and progress percentage (0 - 100%).
You can update just the risk profile or progress (percent complete) on your Project without writing a new Insight. Navigate to either the specific Project's page or to the Plan Overview.
When you want to communicate a change to the Project's risk profile (read more about risk colors here), click 'Edit project status' button underneath the bar charts showing current risk and progress percentage.
Use the 'Update Project Status' pop-up to then edit the risk and progress. A good practice is to enter an explanation in the Comment field as to why the risk or the progress is changing.
When reviewing your Plan, you can quickly update the risk on many Projects quickly without having to navigate to the specific Project page.
On a Project tile, click the colored circle to open up a dropdown of risk options. Select one of the options in the dropdown change the risk color for that Project.