Low Tech is to create a new formula Rich text field
IF(
ToDate([Actual Finish]) <= ToDate([Projected Finish]), "<font color=green>On time",
ToDate([Actual Finish]) > ToDate([Projected Finish]), "<font color=red>"Late")
or else
IF(
ToDate([Actual Finish]) <= ToDate([Projected Finish]), "<b><font color=green>On time",
ToDate([Actual Finish]) > ToDate([Projected Finish]), "<b><font color=red>"Late")
If you want fancier background shading, then you will need to use this help here
https://help.quickbase.com/user-assistance/color_field.html
or perhaps cheat off an app in the Exchange called Magic Buttons.