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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

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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.
by (700 points)
phase or milestone, one among the same. It is a best practice to capture them over the BPD.

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