Thanks.
A more advanced use of order statuses, is to use multiple characters and group them into families e.g.
Zxx (e.g. Z00, Z01, Z02)
Bxx
Axx
or even with numbers
2xx
3xx
4xx
Each group (denoted by first char), would signify the broad status (e.g. Completed, Failed, etc)
In our specific case, we use fine-grained Order statuses even to denote stuff like "Waiting to receive from **** supplier". So we are close to using all available single characters.