When the project team is conducting all of the individual components of the project throughout the project life cycle, it is imperative that the project team leader fully utilizes all means necessary to keep careful track of where each individual component stands. In the process of coordinating and keeping track of all of the different components of a project, the project management team, and specifically the project management team leader, will devise a number of individual schedules, each of which will maintain track of a specific component of element of the project on a smaller, more specified scale. One of the most critical schedules that must be maintained and referred to through the project’s life cycle is that of the milestone schedule. The milestone schedule is a summary level schedule that allows the project team leader to review and identify all of the significant and major project related milestones that may exist in the course of a project, and can be proven helpful in making sure that nothing falls behind schedule of off the radar entirely.
This term is defined in the 3rd and the 4th edition of the PMBOK.