A new Business Milestone Type is created by adding a value to the Milestone Type picklist on the Business Milestone object. Salesforce does not require creating a new custom field for every milestone type. The configuration sequence is to open Setup, go to Object Manager, select Business Milestone, open Fields and Relationships, select the Milestone Type field, and add the required picklist value. The equivalent Event Type field on Person Life Event is used when administrators create additional life-event types. This distinction reflects the Agentforce Financial Services data model. Person Life Event represents significant events affecting an individual, while Business Milestone represents meaningful events affecting a business or organizational Account. The Events and Milestones component can then present these records in chronological or other configured order, helping users identify customer circumstances and potential engagement opportunities. Option B incorrectly uses the Person Life Event object for a Business Milestone requirement. Option A incorrectly introduces a new field instead of extending the existing Milestone Type taxonomy. Therefore, the administrator should select the Business Milestone object and add a new Milestone Type picklist value, making option C the correct configuration.