Change Management Terms

Definition of Schedule and Milestones

The contract schedule includes milestones and sets out the time schedule for the work, from contract award through to delivery of the ‘contract object’ and close-out.

Failure to meet certain milestones can lead to financial penalties, known as liquidated damages (LDs), which may be one-off payments or may be applied for each day of delay.

Such ‘penalty milestones’ are clearly a focus for the contractor, not least when they need interface information from another contractor to fulfill the milestone.

This site does not focus on project control concepts.
There is some coverage of the project baseline, contingency, and management reserves