1. General: Sub-objectives or stages into which a program or project is divided for monitoring and measurement of work performance.
2. Project management: Scheduled event that indicates the completion of a major deliverable event (or a set thereof) of a project. Milestones are measurable and observable and serve as progress markers (flags) but, by definition, are independent of time (have zero durations) therefore no work or consumption of resources is associated with them.
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