A milestone is a term used to describe a major deliverable or key event in the project used to measure project progress. A milestone is a significant point in time that marks the completion of a specific scope of work or a specific objective. A milestone can also be a checkpoint that indicates the readiness of the project to move to the next phase or stage. A milestone can be used to monitor and control the project schedule, budget, quality, and risks. A milestone can also be used to communicate the project status and achievements to the stakeholders and sponsors. A milestone is usually associated with a specific date and has no duration. References: IIBA BABOK Guide v3, section 5.1.3, page 163; CBAP / CCBA Certified Business Analysis Study Guide, 2nd Edition, chapter 6, page 233; CBAP Sample Questions, question 233.
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