A milestone is a specific point within a project’s life cycle to measure the progress toward successful completion. They are signal posts for a project's major deliverables and a measurable reference point that marks a significant event or a branching decision point within a project.
What are the key actions you need to take to deliver your project?
How will you demonstrate and evidence that you have completed these actions?
Clearly defined milestones as part of your proposal submission will demonstrate to the reviewer that you clearly understand the significant points within your project's life cycle and that your progress toward your project's successful completion and delivery can be measurably demonstrated.
As part of your submission, specifically, to demonstrate your capability and feasibility, you are asked to list the key milestones you will need to achieve to complete your project successfully.
At this stage, you are only asked to list the milestones broadly. Doing so will demonstrate to the reviewer that you know what key steps are needed to complete your project.
If your project is voted for to receive funding, you will be asked to submit a more detailed Statement of Milestones as part of your onboarding process.
This will include providing further details on the acceptance criteria for each milestone, the date of delivery and cost for each milestone, and the evidence you will submit for review after each milestone.
When defining your milestones, consider that you are effectively presenting a simplified project delivery plan.