Change Asset Status based on Work Order Status

We need to track and report the Asset Status throughout the assets lifetime, and also operationally to make visible whether or not the asset is operational or non-operational.

Example:

We want the system to automatically assign "Non-operational" to the Asset Status when we are setting the Work Order Status to "In progress", and once the Work Order Status is set to "Completed", then we want the Asset Status to change back into "Operational".