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Milestone, also known as a kilometre sign in metric-system countries, markers of distance along roads.
Metaphorically, markers of reaching an identifiable stage in any task, used in project management and other fields.
Developmental milestones, tasks most children can perform at certain ages.
If you're starting something from seed and tracking it in your journal, you might make milestones for when the seed starts to sprout, when it's planted in the garden, when it blooms, etc. Or for plants already in the garden, you could make milestones for when it blooms, when it loses its leaves, when you prune it. Where it's useful is when there is a particular event that you want to keep track of for multiple plants. Once you create a milestone for "blooms" for example, it's very easy to go to each plant in your journal and add in that milestone when it happens.
Status again is anything you want it to be--the ones I use are planted in container, planted in garden, waiting to be planted, etc. Or it could be seed started, germinated, planted in garden, etc. The difference between a milestone and a status is that milestones are saved and tracked as you go along (you add in milestones, the old ones don't go away), vs you change a status, and unless you make a journal entry recording the fact that you changed the status on a certain date then the old status is gone forever. That's why personally I would use milestones for things like germination, bloom times, etc and I use status to track the planting conditions (container, garden, etc) If you want other examples of how these things are used, I would go to the page where you can view other people's journals and when you view their journals you can see how they use status and milestones.