First and foremost, project milestones are scheduling and status devices, used to measure progress as a project proceeds through its planned lifecycle. Milestones make management easier, providing the means to define project priorities, monitor progress and tell a more meaningful "status story".
Milestones can either be defined by specific tasks, events and decisions, or a cumulative point in time reached as a result of specific tasks, events and/or decisions. Most commonly, project milestones are characterized by one or more of the following:
The key to milestone use and identification is meaning and significance. By definition, every task and result cannot be a milestone. To earn that label, tasks and results must be of such significance that they tell the "status story" in and of themselves, even without any details relating to the specific, underlying work elements. For example - if you are developing a new software product, daily coding tasks will not be milestones, but having sufficient code for usability testing would be. Project milestones are used to manage the project work effort, monitor results, and report meaningful status to project stakeholders. (Read More: Practices for Project Definition)
Once milestones have been identified and defined (as part of the project Statement of Work), and actual project work begins, related oversight obligations kick in. As project work is executed, identified milestones will either be met (in whole or part), missed in entirety, or will be modified as needed to suit changing project needs and circumstances.
Milestone Q and A:
The key to milestone management is to be informed and prepared, so you can act swiftly if and when problems occur. If you know that one or more milestones will not be met, the goal is to minimize negative impact while adhering to all previously approved fast track priorities. Responding to missed (or about to be missed) milestones will best be determined based on circumstances, capabilities and fast track priorities. No matter the response, communication is the key. Stakeholders must be kept fully informed to minimize negative perceptions, establish realistic expectations, and obtain important feedback to solve problems and/or re-negotiate previously established priorities.
Project milestones are more than scheduling devices (which would be important enough), they are also communication and credibility devices, to set expectations and share status information. The following guidelines show you how to use milestones to create a project "progress narrative":
Project milestones are one of the most useful (and used) variables to establish management benchmarks and quantify progress "to date" once projects are underway. Milestones set the stage to measure progress, and as such, they must be defined at the start, before costly work begins. Milestones provide direction and guidance, ensuring that projects proceed in a orderly fashion. When it comes to identifying project milestones, the best advice is to keep it simple - you'll know a milestone when you see one. But there are rules of thumb. In most cases, the dividing line distinguishing "milestone" from "non-milestone" is significance, impact and value as a predictive indicator. (Also Read: Project Scheduling Strategies)
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