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What is a milestone in project management?
In project management, a milestone is a specific point within a project's life cycle used to measure the progress toward the ultimate goal. Milestones in project management are used as signal posts for a project's start or end date, external reviews or input, budget checks, submission of a major deliverable, etc.
A milestone is a reference point that marks a significant event or a branching decision point within a project. While the final deliverable or product is indeed a significant milestone, there are several other milestones that will help you move smoothly toward the final goal. An example of a milestone could be any of the following:
Beginning or end dates for project phases
Stakeholder approval that is required before moving on to the next phase
Key deliverables
Meetings
Events
A good example of a milestone in project management is the launch of a product. Different phases can be broken up by critical events, like getting final design approval for the product or the product arriving at the warehouse for shipping.
Project management milestones should mark the four phases in the project life cycle: initiation, planning, implementation, and closure. One project milestone might be as simple as placing the final product order or signing off on the cover artwork for a magazine launch.
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