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Milestones are tools used in project management to mark specific points along a project timeline. These points may signal anchors such as a project start and end date, or a need for external review or input and budget checks. Some contracts for products include a "milestone fee" that may be paid out when certain points are achieved.
In project management, a schedule is a listing of a project's milestones, activities, and deliverables. Usually dependencies and resources are defined for each task, then start and finish dates are estimated from the resource allocation , budget , task duration , and scheduled events.
Project scope: The scope statement from the Project charter should be used as a starting point with more details about what the project includes and what it does not include (in-scope and out-of-scope). Milestone list: A list of the project milestones (the stop points that helps evaluating the progress of the project).
A Gantt chart is a type of bar chart [4] [5] that illustrates a project schedule. [6] This chart lists the tasks to be performed on the vertical axis, and time intervals on the horizontal axis. [ 4 ] [ 7 ] The width of the horizontal bars in the graph shows the duration of each activity.
An example is the Phase–gate model. Project management relies on a wide variety of meetings to coordinate actions. For instance, there is the kick-off meeting, which broadly involves stakeholders at the project's initiation. Project meetings or project committees enable the project team to define and monitor action plans.
A phase-gate process (also referred to as a waterfall process) is a project management technique in which an initiative or project (e.g., new product development, software development, process improvement, business change) is divided into distinct stages or phases, separated by decision points (known as gates).
Furthermore, many of the IMP events are fixed by customer-defined milestones (e.g., Preliminary or Critical Design Review, Production Deliver, etc.) while intermediate events are defined by the Supplier (e.g., integration and test, software build releases, Test Readiness Review, etc.).
In configuration management, the configuration of a project is not the same as a baseline in the project but the two could coincide. Fixed baselines often coincide with or signify project milestones, such as the set of items at a particular certifying review. [3] Some examples include: