A Milestone Project is a formal method of milestones tracking projects and monitoring progress against a predetermined timeline. It involves creating a list of key events or accomplishments that must be achieved in order to move the project forward. This method is commonly used to ensure successful project delivery by connecting tasks and activities to logical points in time, typically at the end of each major work phase. Milestone Projects can help teams stay on track, identify obstacles quickly and clearly define success criteria for every deliverable.