What are Project Milestones and How to Set them for Project Success?

What is a Project Milestone?

Every organization breaks down the project into small tasks to make it achievable and easy to work on. The special objectives among the multiple ones can be tagged as project milestones. They are achieved as the project progresses and do not require extra effort. In contrast, they add to the celebration and satisfaction of the pace of project completion. 

Why are Project Milestones Important? 

Here is why a project milestone is important:

• They are in identifying the pace of the project. 
• The lagging ones can incorporate timely changes to speed up the work. 
• Employees delivering fast results can complete the project early or focus on other tasks if required. 
• Company planning, intake of new projects, and assigning tasks can be done accordingly, thus helping the business in the long run. 

PMP Certification Essential for Senior-Level Roles

PMP Certification TrainingExplore Course

Scheduling With Milestones

You must have a thorough understanding of the project and its objectives, deliverables, and goals to schedule a milestone. The components playing a major role in the project's progress can be scheduled as milestones. One can identify them by analyzing their impact on the project if things go wrong. 

Linking Milestones

Milestones can be linked any number of times depending on the project size, duration, and important achievements. They will be placed along the project plan and marked at the end of the phases. Associate them with target dates and celebrate the success. In case of an inability to achieve the milestone, rethink the process and bring the required changes. 

What is a Milestone Schedule?

It is a timeline that breaks down the project into small achievable phases. A milestone schedule is a suitable way to share the achievements of project phases without exposing the details or private affairs of the company associated with the project. 

How to Decide What's a Project Milestone?

Firstly complete the division of the project into five phases: initiation, planning, execution, monitoring and controlling, and closure. 

Now add the milestones at the last step of each phase to mark the entry into the new phase. Besides, milestones can be set at any part other than the project phase. It depends on the size, domain, tasks, and other factors associated with the project. 

Project Milestone Examples

Enlisted below are a few examples of project milestones:

PMP Certification Essential for Senior-Level Roles

PMP Certification TrainingExplore Course

1. Project Approval

It requires extensive research and planning along with innovation to design the project. The approval is indicative of the correct direction of the employee’s mind and a major part of the completion of the project. 

2. Requirements Review

Apart from being approved, the project needs to be shared with new clients who review the needs of projects. Also, a few changes can be added post-review, and accordingly, the project can be begun. 

3. Design Approval

The company has the idea, but the methodology to implement and achieve the end still needs to be finalized. It requires effort and expertise to formulate the framework, which may end up with numerous revisions. Thus, it is another milestone. 

4. Project Phase Milestones

Performing different tasks and completing the objectives requires sleepless nights and hard work. It is the project's main body, and hence its completion definitely needs to be celebrated. 

5. Final Approval

When every aspect of the project is complete and it has undergone quality analysis as well as passed various tests, one approval or disapproval by a stakeholder decides the further actions and processes to be taken. It is the biggest and concluding milestone. 

What's The Best Way To Create A Project Milestone?

Mentioned below are the steps to create a project milestone:

Step 1: Create a Project Goal

Different methods, such as Agile methodology or other relevant techniques, are utilized to design a project goal. Identify the objectives to be achieved for project completion. 

Step 2: Structure Your Project into Tasks and Subtasks

Devise the tasks and subtasks to gain more clarity on the actions to be taken to achieve the goal. 

Step 3: Assigning the Milestones

Now, the group of tasks will be considered as project phases. Based on the broader picture, the steps will be tagged as milestones.  

Step 4: Using Gantt Chart to Clearly Map the Milestones

Gantt chart is an efficient method to monitor the timeline and achievements of a project. Other important aspects such as project schedule, task dependencies, allocating time for the progress and task, and assigned team members can be checked. 

What are Some Common Project Milestone Misconceptions?

Milestones are often confused or misunderstood. Some of the commonly associated misconceptions are discussed. 

1. The Difference Between a Milestone and a Goal

Milestones are indicative of the achievements or endeavors completed collectively by the team. Goals are guiding light to clear the aim and work on the tasks accordingly.

Goals represent the future or the next thing to be achieved. Milestones indicate the past and the progress that the company has achieved. For instance, a company can set a goal to design the product by the end of three months. The milestones here will be finalizing the template, completing the technical operations, and other related work that is part of product design. 

2. Difference Between a Milestone and a Task

Tasks are the actions to be performed by the project members to achieve the goals and subsequently complete the project. A milestone is a moment indicating the pace and stating the completion of a group of tasks. 

Tasks are the smaller components of a bigger goal. They are subdivisions completed in a specific time to reach a particular point. Milestones are groups of tasks that help in monitoring the work. 

3. Difference Between a Milestone and a Deliverable

Deliverables are the project's ultimate aim, which can be either product or service. Milestone is completely different and indicates the project status. 

The project deliverable is the product or service that is a project's ultimate aim. Milestones are the moments that mark the progress toward reaching the project’s aim.  

4. Milestones vs. Project Phases

Projects are divided into multiple phases that embark on major achievements. Their end can be further categorized as milestones. For instance, initiation is a project phase that comprises numerous activities and goals. The end of initiation can be regarded as a milestone. 

Looking to make your career in the fastest growing industry? Join our Post Graduate Program in Project Management. Enroll now!

Earn 146 PDUs | 8X higher live interaction | Multiple Capstone Projects

Conclusion 

Boost your project leader journey in today’s digital landscape with the Postgraduate Project Management Program. This course clears all the relevant and currently required project management concepts. Designing a project, setting goals and milestones, and defining the task are some of the components of project management. Learn these crucial concepts and more with practical examples from industry experts.