What does a milestone in project management signify?

A milestone in project management signifies a significant point or event in the project timeline. Milestones are critical markers that indicate important phases or achievements within the project. They are not about the duration of tasks but rather represent key moments that help in measuring progress and ensuring that the project stays on track. For instance, completing a major deliverable, receiving approval from stakeholders, or achieving a specific outcome can all be milestones. They are valuable for project teams because they provide a clear reference point for evaluating whether the project is proceeding according to schedule, thereby facilitating better planning and resource allocation.