At your first team meeting, your group should be deciding when each sub-task should be completed. Often the best way to decide on your milestones - dates when targets are to be met by, is to work back from the project completion date where you have one, as this tends to be a fixed deadline.
For live projects, it may be that the client is involved in setting milestones, such as having a prototype demonstration part way through the project on a given date. At the very least, the client will have a say in when the whole project is due to be complete.
Given a project completion date, the group can work out how much time there is to complete all of the work. From here, individuals need to identify how much time they will take to carry out their own parts of the overall project, and also whether someone else's task needs to be finished first.
A project schedule should list each small task - breaking larger ones down into smaller steps if appropriate, allocate resources including people to each of these tasks, and show a target date for the completion of each.
Having a column to show how far each task has progressed is also useful, as this working document can then be updated regularly.
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