I see :"Not Released" can be a status to notify that the build was planned for the feature (to execute test case) however not released in the Planned Build.
after finding the bug..first we have to give NEW status.. then after QA consolidation..he will alot OPEn status he will assign to corresponding developer after fixation of the bug he will give the statusa VERIFIED after finilizing the bug developer send to testing team if the bug is really geniun w e have to give the status CLOSE if not properly rectify..then we should give the status REOPEN......
Status depends on the project standards For ex: we can user NA ( not applicable) if the funcationality is not in current release.
We can use same NA for other conditions like if the current test case not able to execute in live server due to some restrictions then also we can use the same status NA.
When you run the test case and found a defect (deviation from expected result) then you raise it and update the test case with the summary of the defect and indicate the defect number and mark the test case as fail
The Bug status will be differed based on the bug tracking tool used. For example: If the JIRA is used the bug status will be Open ->In Process -> Resolved ->Closed (or) If the same bug happens again in application the bug status will be Reopened -> Resolved ->Closed This is chain process continued untill the bug is fixed.
We have the following Status in Bugzilla Tools like Open -> Assigned (Has been Assigned to the Developer) -> Fixed/Resolved(After the Developer fixes the issue -> Verified(after the Tester Verifies). And also if the bug is Reopened the status is Reopen instead of Open.