About BO Type Change Release status

Hello Experts,

I have created the custom BO Type through the SWO1 and I don't have much idea on various Release status given for the Object Type and Object Type Component.

I would like to know what should be the sequence of the release status for both Object Type Component and Object Type when we create/change any method of the BO Type, and when we should GENERATE the BO Type.

any step by step for both Method Create/Change will be helpful.

Thank you,

Regards,

Jagesh