Question

What is a phase in IBM BPM, and what is a milestone ?

Answer 1

Phase: Groups Activities across lanes, that when completes represent attainmainment of a goal or completion of a stage.
Was called milestone in versions prior to 8.5, milestone term is deprecated as of 8.5 version. In be below diagram

Stage1, Stage 2, Stage 3, Stage 4 are Phases, your will see them on the top bar of the diagram and see vertical lines across the diagram separating the activities in the phases

Comments

The concept of Milestones and Phases are similar, is it just a change in terminology or is there any real difference behind the screen. Please suggest if I am missing something.

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phase or milestone, one among the same. It is a best practice to capture them over the BPD.