How are "milestones" defined in project management?

In project management, milestones are defined as significant checkpoints that indicate progress toward the completion of a project. They serve as markers that help stakeholders assess the status of a project at various stages. By establishing milestones, project managers can measure whether the project is on track, identify potential issues early, and ensure that critical phases or deliverables are being completed as planned.

Milestones can include pivotal events such as the completion of a project phase, the delivery of key deliverables, or achieving specific performance metrics. They are essential for planning, monitoring, and reporting progress to team members and stakeholders, providing a clear framework for tracking how well the project aligns with the planned schedule and objectives.

While final completion dates, budget reviews, and resource allocation are all important aspects of project management, they do not encapsulate the true meaning of milestones, which focus specifically on significant progress points throughout the project lifecycle. This focus on specific checkpoints differentiates milestones from other project management elements and highlights their importance in ensuring successful project execution.