Tracking product lifecycle

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What is the best way (if there even is a way) to track the lifecycle of products that we are producing. The current product lifecycle is:

  1. Creation
  2. Forming
  3. Cutting
  4. Quality
  5. Shipping
  6. Close

I currently place a status for each part when a PO comes in. When the status is "Forming" it gets put into the Forming Schedule. I would like to:

  1. Update that status from the chart so that it sends it to the CNC Schedule, but also updates it on the Open Orders Log, and so on.
  2. Have dependencies or something so when a part is added to a schedule, it goes to the end of the line, with whatever duration I have set for that part.

Is this even possible?

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