What Is The Difference Between A Milestone And A Deliverable?

A deliverable is something that people work on to finish the project - such
as a completed requirements document, or a test plan. A milestone is an
important point in time such as "contract signed", "project approved" etc,
and usually have zero duration

A milestone can be marked as such in project, the deliverables are the list
of tasks that have to be completed.
Hope this helps, or let me know if you need more info.

Regards :  Jatinder

1. Provide useful control points at which we can evaluate progress and adjust our plans for the rest of the project as necessary .
2. They can be used to intermediate sign-offs or stage payments linked to the achievement of the milestones.
3. They can be used to illustrate progress to the customer.