A milestone is a goal or objective and deliverables from the milestone are something like what will happen from the milestone? Am i correct?

Answer 1

Deliverables are reports, hardware and/or software that are handed over to the customer during and at the end of the project or contract.

A milestone marks the completion of each of critical phases of the project, such as design, risk reduction R&D, prototype building, qualification testing, and finally, finished product delivery. There can be other important reporting milestones as well.