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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.
The project schedule is a calendar that links the tasks to be done with the resources that will do them. It is the core of the project plan used to show the organization how the work will be done, commit people to the project, determine resource needs, and used as a kind of checklist to make sure that every task necessary is performed.
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).
PERT network chart for a seven-month project with five milestones (10 through 50) and six activities (A through F).. The program evaluation and review technique (PERT) is a statistical tool used in project management, which was designed to analyze and represent the tasks involved in completing a given project.
PERT chart for a project with five milestones (10 through 50) and six activities (A through F). The project has two critical paths: activities B and C, or A, D, and F – giving a minimum project time of 7 months with fast tracking. Activity E is sub-critical, and has a float of 1 month.
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).
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: