Major four major milestones occur at the transition

Major
milestones

These  system 
wide  events  are 
held  at  the 
end  of  each development  phase. 
They  provide  visibility 
to  system  wide 
issues,  synchronize the  management 
and  engineering  perspectives, 
and  verify  that 
the  aims  of  the
phase have been achieved. 

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Minor
milestones                    

These
iteration-focused events are conducted to review the content of an iteration in
detail and to authorize continued work. 

MAJOR
MILESTONES

The
four major milestones occur at the transition points between life-cycle phases.
They can be used in many different process models, including the conventional
waterfall model. In an iterative model, the major milestones are used to
achieve concurrence among all stakeholders on the current state of the project.
Different stakeholders have very different concerns:

Customers:
schedule and budget estimates, feasibility, risk assessment, requirements
understanding, progress, product line compatibility 

Users:
consistency with requirements and usage scenarios, potential for accommodating
growth, quality attributes 

Architects
and systems engineers: product line compatibility, requirements changes, trade-off
analyses, completeness and  consistency,
balance among risk, quality, and usability 

Developers:  sufficiency 
of  requirements  detail 
and  usage  scenario 
descriptions, frameworks  for  component 
selection  or  development, 
resolution  of  development risk, product line compatibility,
sufficiency of the development environment

Maintainers:
sufficiency of product and documentation artifacts, understandability, interoperability
with existing systems, sufficiency of maintenance environment 

Others:  possibly 
many  other  perspectives 
by  stakeholders  such 
as  regulatory agencies,   independent  
verification   and   validation  
contractors,   venture   capital investors, subcontractors, associate
contractors, and sales and marketing teams   

Life-Cycle
Objectives Milestone

The life-cycle
objectives milestone occurs at the end of the inception phase. The goal is to
present to all stakeholders a recommendation on how to proceed with
development, including a plan, estimated cost and schedule, and expected
benefits and cost savings. A successfully completed life-cycle objectives
milestone will result in authorization from all stakeholders to proceed with
the elaboration phase.

 

Life-Cycle
Architecture Milestone

The life-cycle
architecture milestone occurs at the end of the elaboration phase. The primary
goal is to demonstrate an executable architecture to all stakeholders. The
baseline architecture consists of both a human-readable representation (the
architecture document) and a configuration-controlled set of software components
captured in the engineering artifacts. A successfully completed life-cycle
architecture milestone will result in authorization from the stakeholders to
proceed with the construction phase.

 

Initial
Operational Capability Milestone

The initial
operational capability milestone occurs late in the construction phase. The
goals are to assess the readiness of the software to begin the transition into
customer/user sites and to authorize the start of acceptance testing.
Acceptance testing can be done incrementally across multiple iterations or can
be completed entirely during the transition phase is not necessarily the
completion of the construction phase.

 

Product Release
Milestone

The product
release milestone occurs at the end of the transition phase. The goal is to
assess the completion of the software and its transition to the support
organization, if any. The results of acceptance testing are reviewed, and all
open issues are addressed. Software quality metrics are reviewed to determine
whether quality is sufficient for transition to the support organization.

MINOR
MILESTONES

For most
iterations, which have a one-month to six-month duration, only two minor
milestones are needed: the iteration readiness review and the iteration
assessment review.

·        
Iteration Readiness Review. This
informal milestone is conducted at the start of each iteration to review the
detailed iteration plan and the evaluation criteria that have been allocated to
this iteration.

·        
Iteration Assessment Review. This
informal milestone is conducted at the end of each iteration to assess the
degree to which the iteration achieved its objectives and satisfied its
evaluation criteria, to review iteration results, to review qualification test
results (if part of the iteration), to determine the amount of rework to be
done, and to review the impact of the iteration results on the plan for
subsequent iterations.

The format and
content of these minor milestones tend to be highly dependent on the project
and the organizational culture. identifies the various minor milestones to be
considered when a project is being planned.