2013 – Steps in a Process & Coloring them (SP2013)

I came across an example of a process with a current stage image (should be attached to the thread).

Sample Workflow

Basically there would be 4 or 5 stages: Initial / Assigned / Being Processed / Completed.

Each of the stages would have (almost like a flowchart diagram) a progress image with an arrow showing the current state and they would be colored.

For example:
Current Stage – White box / Green Outline
Completed Stage – Green Box / Black Outline
Pending – Yellow Box / Gold Outline
Cancelled – Red Box / Red Outline

As the list item gets updated, the workflow images would get marked and colored for the stages.

How could this be accomplished? Would it be as simple as having a column for each stage? And if so then would the coloring of each stage come from CSS?