You can use the Vault labeling feature to identify the status of a set of project files, such as the project milestone attained.
When a major project milestone is reached, you can label the files involved so they can be easily identified. When you create a label, the most recently checked-in version of every file in the project is assigned that label.
Labeling does more than just tag a set of files. If you later need to archive or retrieve the set of files, you can do so. Labels do not include folder information; only the project files are labeled.
To create a label, in the Autodesk Vault Client, right-click a project folder and click New Label. For more information on creating and viewing labels, see in the Autodesk Vault Client help.