How can one create milestone in Jira and track them effectively
Welcome to the Atlassian Community!
you can go to releases and create a new version, this will stand for a milestone.
then use the advanced roadmap and show the created releases in the view and choose to mark it as a milestone. it might not sound ideal to your case and what you are trying to achieve but its definitely one of the possible solutions provided by Jira.
otherwise, you might need to explore Marketplace for some alternative solutions.
Regards,
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