Deliverable

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In Project Management terms, a deliverable is a tangible or intangible object produced as a result of project execution. A deliverable can be created from multiple smaller deliverables.

A deliverable is normally an accepted thing or purpose that can result of a task execution. "Thing" in terms of tangible (item, article, entity) and "Purpose" in terms of intangible (point, idea, goal, intention).

Something that can be done, esp. something that is a realistic expectation: The corporation says that making a profit this year is a deliverable.

Something, as merchandise, that is or can be delivered, esp. to fulfill a contract: All deliverables are to be shipped within 30 days.

In short it is an outcome . It is different from a project Milestone in the sense that a Milestone is a way of checking to what extent you are making progress to an outcome.

A milestone can be completing the planning phase of the project while a deliverable includes things like design documents, testing scripts, requirement documents etc.

In technical projects, deliverable can further be classified into hardware, software or design deliverable. Documentation can also be a deliverable of projects (technical or non-technical).