Status and consistency are two things

You're a little behind schedule and therefore signals YELLOW in your progress report. However, you are very close to the deadline, so probably you do not have time to catch up. Should you rather signal RED?

No, because then you mix the status and impact together. Status is a measurement of the distance between plan and reality. The impact is, however, what this status means to the project. The consequence is the next step argument for the proposed action to address the situation:

Plan -> Execution -> Status -> Impact -> Proposal for handling -> Decision-> Action -> New Plan