What is a "Milestone" in project management terms?

A milestone in project management is a specific point in time that marks significant progress within the project. It serves as a marker to indicate the completion of a key phase or deliverable, which helps in tracking the overall timeline and progress of the project. Milestones are crucial for measuring performance against the project schedule and can also be used to communicate with stakeholders about the current status of the project. They do not involve detailed tasks or responsibilities but rather highlight important moments that contribute to the project's success.

In contrast, options such as a formal project launch event represent specific activities rather than milestones. A checklist for team member roles pertains to task allocation and responsibilities, which does not capture the essence of a milestone. Lastly, a financial report focuses on the budgeting and monetary aspects of a project, again straying from the definition of milestones, which are primarily about acknowledging significant points of progress rather than financial performance.