Project deliverables are alpha, beta, gold in essence with milestone dates.
The best way to manage your project is to use scrum development process or the waterfall method of scrum which is a loose variation of scrum. Having a burn down chart, and a to do list so everything is in order will help you out in the long run.
As far as your deliverables, they should focus mainly on the games game mechanics, and dynamics. Aethetics play a big role in the design of the game. Such as evoking emotion, creating engaging storyline with the player, and the visual and auditory sounds that are involved with the design.
Planning : Plan your entire game out.
PRE-Alpha : The best way to test your game is to make an analog version of it first.
Alpha : Playable mechanics such as walking, jumping, hitting. Basic art is in place. The game is playable.
Beta : More playable / refined mechanics for walking, jumping, hitting. Sound should be delivered in the beta milestone. Sound shouldn't be finished, but in place. The games mechanics should also be in place. The player can die, respawn, collect, and pickup items. Finalize art, etc.
Gold : Finished version of your game. Everything is polished and fixed up. Working, and all very few bugs. The game is pretty much ready to ship.
Final version : Everything is polished, fixed, and there are no bugs that are present. You may find bugs later down the road because everyone plays differently. The game is now officially ready to ship.
This is how my school thesis went for four months, Alpha = 1 month, Beta = 1 month, Gold = 1 Month, Final-Version = 1 Month.