Hi Walden,
As Jack states above, you can achieve your stated tracking objective by utilizing numeric summary fields in your table to table relationship. My preferred technique is to use three summary fields because the value displays as report links which allow users to "drill down" to those records whereas the value produced by a numeric formula field does not display as a report link.
My summary fields in the parent table are usually something like this:
[Number of Records] - count all records
[Number of Records Complete] - count all records that meet the status criteria for "Complete"
[Number of Records Remain] - count all records that meet the status criteria for "Remain"