Color Palette:

1. Color Name: Red Light
   Hex Code: 
                            
                            #FF5757
                        
   Description: Represents urgent tasks or items that need immediate attention.

2. Color Name: Yellow Light
   Hex Code: 
                            
                            #FFD747
                        
   Description: Indicates pending tasks or items that are in progress.

3. Color Name: Green Light
   Hex Code: 
                            
                            #4ED964
                        
   Description: Signifies completed tasks or items that are on track.

4. Color Name: Blue Light
   Hex Code: 
                            
                            #4FAAFF
                        
   Description: Denotes information or items that require attention but are not urgent.

Palette Description: This color palette is inspired by traffic lights and is designed for planning a conference in Excel. The colors can be used as cell backgrounds with black or dark gray text on top to differentiate between different statuses of tasks or items.