What is the significance of 'Critical Milestones' in the Project Schedule?

The significance of 'Critical Milestones' in the Project Schedule primarily lies in their role as essential checkpoints in the project's progress. These milestones help to track the advancement of the project and ensure that it stays on schedule. By establishing specific dates for these critical points, project managers can monitor whether the work is proceeding as planned. This allows for timely adjustments and interventions if progress is falling behind, thus maximizing the chances of delivering the project on time and within budget.

Milestones serve as indicators of significant events or phases in the project lifecycle, enabling all stakeholders to understand where the project stands at various points in time. This clarity helps in maintaining alignment among team members and assists in effective planning and resource allocation moving forward. Overall, they play a crucial role in the overall project management framework, providing a measure of success against which the entire project's strategic execution can be evaluated.