Final answer:
In a stage-gate process, the gates where decisions to proceed or terminate a project are made are known as decision points or go/kill points, and they are crucial for evaluating the project's progress and potential for success.
Step-by-step explanation:
In the context of a stage-gate process, the gates referred to in a firm's product development process where managers must make the crucial decision to either terminate the project or allow it to continue are known as decision points or go/kill points. These gates serve as checkpoints where the progress, feasibility, financial integrity, and overall strategic fit of the project are evaluated. Projects that do not meet the criteria set for moving forward can be revised, held, or discontinued at these gates. Effective use of the stage-gate process enables organizations to better manage their innovation processes and allocate resources to projects with the highest potential for success.