Use the Project Milestones preferences to set up default milestones for your projects. These should be the common milestones that you routinely use for managing your key reviews and stages of your projects. Keep in mind, that these are just defaults that will appear in the Add Milestone dialog box when you add milestones to a project in the Project > General View. You can also create custom milestones and assign due dates for any milestone in the Projects > General screen.
Do the following to add default project milestones:
Select Preferences from the master drop-down list.
Open the Project folder and click Milestones.
Click Add
to create a new milestone.
Click the name of a milestone to edit it.
Click Delete
to remove a selected milestone.
Milestones can also be added via the Projects
> General screen. Access this view and click Add Milestone in the
Project Milestones section.