1. Login as Workspace Administrator.
2. Click the setup icon in the upper right corner of Rally.
3. Click the Workspaces & Projects link.
4. Click on the name of your workspace
5. Click the Fields link that appears in the left sidebar
6. Click the gear icon to the left of the Schedule State field and select Edit.
7. Select the Custom 1 value by clicking on it in the Drop Down List Values box.
8. Change the value in the Value field.
9. Change the value in the Legend field.
10. Check the check box next to the Enabled field.
11. Click on the green Actions checkmark.
12. Save your changes.

Note below :

1. It can only have six values, two of which may be hidden and/or customized.
2. Four of the values are non-modifiable (they cannot be edited or disabled):    

•         Defined
•         In-Progress
•         Completed
•         Accepted