This feature is available in all editions.
What is the difference between Status and Effort?
Status is the stage your workitem falls in. Effort is the time spent working on a backlog item, defect, task or test.
How do I update my effort and status?
There are several places to log effort and update statuses, making it easy to understand the status of your workitems. Depending on how you work, you can make your changes on any of the following pages:
If you just want to view all the effort logged to workitem or by a member, you can do so on the Effort Quicklist.