"Project's status" or "project status"

Should I say the project's status or the project status?

Solution 1:

Project's status would be preferable in speech and formal writing, meaning the status of this particular project.

Ex: What's the project's status at this point?

If you were preparing a form or spreadsheet and the status of the project were a data point, project status would be an appropriate heading for the entry.

Ex:

Project Name: Take Over World

Project Start Date: Yesterday

Project Status: In progress

Solution 2:

"The project's status" is correct, as it is the status of the project you are talking about.

"Project Status" is also used, but normally as a headline or bullet point as it is not grammatically correct in a sentence.