What is a milestone in the context of project management?

In project management, a milestone refers to a significant point or event in the project timeline that often denotes the completion of a key phase or deliverable. Milestones serve as markers that indicate progress and help assess whether the project is on track. They are crucial for project scheduling because they allow project managers and stakeholders to evaluate how far along a project is and whether it is meeting its deadlines.

Milestones do not typically involve detailed financial reports, project constraints, or team performance measures, which distinguishes them as foundational components that directly relate to tracking project progress and major achievements. By establishing these key points, teams can celebrate accomplishments and facilitate better planning and resource allocation for subsequent phases of the project.