"Exit Status" is simply a display of the Unix exit status in a Ruby script style.
eg. If you made "exit 73" from a Ruby script, it would display exit status 73.
On Unix, 0 means no error, so 1 means some kind of error or something is wrong.
A logging system is simply using print operations (or more useful, static). You can see this in the history window for scheduled runs or in the console while working in development.
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