The ALMPhase record is associated with a project and specifies for the project how the project timeline will be grouped into larger tracking units. The phase can also be used to track work for Milestones. If the project is only being tracked by iterations, then you can configure only one phase label, and name it Iteration. The iteration labels could then be iteration numbers. The mandatory fields are Project, SecurityPolicy, and PhaseLabel. The Prior Phase field is optional.