Define "Milestone" in project management.

In project management, a milestone represents a significant event or point in time that is crucial for tracking progress. It often marks the completion of a specific phase within the project, enabling the team to evaluate performance and determine whether the project is on schedule. Milestones help in project planning by providing clear targets and checkpoints throughout the project lifecycle, which facilitate stakeholder communication and decision-making.

Milestones are crucial because they offer a way to assess progress without needing to delve into the minutiae of every task. By setting these significant points, project managers can ensure that they are maintaining the necessary pace and can make adjustments if timelines are slipping. This high-level overview is essential to keep the project aligned with its goals and deadlines.