In project management, what does the 'milestone' typically refer to?

The term 'milestone' in project management refers to a significant event in a project. Milestones serve as key indicators of progress and are often used to mark critical points in the project timeline, such as the completion of major phases, deliverables, or decision points. They are not tasks or deliverables themselves but rather indicate when something important has been achieved or completed. For instance, reaching a milestone may signal the end of a planning phase or the start of a new one, allowing project managers and stakeholders to assess performance against the project timeline and objectives. Therefore, identifying and tracking milestones is crucial for effective project monitoring and ensuring that the project stays on schedule.