What are recognizable reference points used to monitor progress in a project called?

The term "milestones" refers to specific points in a project timeline that signify important events or achievements. They help project managers and teams to monitor progress and ensure that the project is on track. Milestones serve as key dates when certain objectives or deliverables are expected to be completed, allowing stakeholders to assess how well the project is progressing relative to its schedule.

By marking these significant points, milestones provide a clear way to gauge advancement and make necessary adjustments if progress is lagging. They can also be pivotal moments where decisions are made regarding the project, such as whether to proceed, adjust plans, or increase resources, making them critical for effective project management.

In contrast, benchmarks, key performance indicators, and phase gates, while related concepts in project management, serve different purposes. Benchmarks often compare performance against industry standards or best practices. Key performance indicators are specific metrics used to evaluate the success of a project or organization against defined objectives, while phase gates refer to review points during the project lifecycle to assess progress and make decisions about moving forward.