What defines a project milestone?

A project milestone is fundamentally defined as a significant point or event in the project timeline that marks the completion of a key phase or a crucial decision point. Milestones are important for tracking progress and assessing whether a project is on schedule. They do not represent tasks or activities but rather serve as pivotal indicators of progress. By identifying milestones, project managers can better communicate the project's status to stakeholders, ensuring everyone remains informed about critical achievements and the overall trajectory of the project.

In contrast, while a financial review can be important within a project, it does not necessarily qualify as a milestone unless it marks a significant event that affects the project timeline. Minor tasks, on the other hand, contribute to project progress but are not significant enough to be categorized as milestones. Lastly, the final deliverable represents the project's end product, rather than an interim significant event in the timeline. Thus, it is the recognition of key events that ultimately defines a project milestone.