According to standard terminology "A milestone is a significant event in the project, such as an event restraining future work or marking the completion of a major deliverable or phase". Wikipedia You...According to standard terminology "A milestone is a significant event in the project, such as an event restraining future work or marking the completion of a major deliverable or phase". Wikipedia You can refer to a milestone as a significant phase or hammock in your project plan, as this needs to be highlighted in the high level overview of your project.