In this article, we’ll discuss the 7 key differences between product management and project management and which one is best suited for you. Although, they are used interchangeably but are different from each other.
What is a Product
Something provided to customers for services. It is a physical product to meet needs. It doesn’t have an end date and a start date which implies that the product requires research and development. Products are developed to offer value through solutions to issues in the best possible way.
What is a Project
A process that produces a product as a result. To create a service or a good, a detailed endeavor is started. It can also be defined as a process to offer services while focusing on the final product’s availability, size, and caliber. Each project has a budget, a team, a timeline, and specified expectations to meet client needs. A project is also a form of a plan that includes gathering customer needs and developing the required solution. Projects are attempts that address the needs of an organization by meeting wants.
What is Product Management
Product management includes overseeing the complete lifespan of a product including its design, strategy, development, and branding.
Product management includes:
- Creating strategies for products to increase profits
- Build value for customer and organization
- Developing roadmaps to have an understanding of design
- Defining requirements and creating designs
- Creating the product according to input from the user
- Deciding a price for the product
What is Project Management
Project management is the planning and allocation of resources to an assignment. It plays a common role irrespective of the industry it belongs to. The main purpose of project management is to develop project objectives and goals, To guarantee the project’s quality, it also conducts a quality check.
This method uses procedures and talents for project execution by client needs. Having a well-defined project execution method is a must. The main constraints in project management are cost, time, quality, and scope.
The Goals of Project Management are:
- Optimization of essential intakes
- Completion of projects according to a defined schedule
- Oversee the project team’s performance
- Oversee team communication and coordination
- Achieve the project objectives and goals within time
- Fulfill the client’s needs
Product Management vs Project Management
Concerned Areas
Product management is related to the mapping, planning, branding, manufacturing, or marketing of a company product. On the other hand, project management uses methods, abilities, and information for project execution.
Goals
The primary goal of product management is increasing product value. On the other hand, project management focuses on the breakdown of efforts and dealing with useful tasks.
Skills
A project manager must have budget management and planning skills whereas a product manager must have strategic thinking skills.
Leadership
Project management involves administering an organization’s operations. On the other hand, product management manages the external market.
Visions
Product management develops the trajectory of a product by defining objectives and visions for the product. On the other hand, project management makes this goal and vision a reality through project work.
Monitoring
Product management oversees the product till success. On the other hand, a project has a timeline and concentrates on completion on schedule.
Focus
Project management emphasizes deploying methodologies for the accomplishment of an aim or goal. On the other hand, product management focuses on new product creation or improving the current product.
Conclusion
In this article, we discussed the difference between project management and product management. Businesses are becoming competitive, so you need to have a long-term plan and management for the success of this company model. Although these two crucial aspects seem to be similar and are at times used interchangeably, there are few distinctions between them.
7 Key Differences Between Product Management and Project Management- FAQs
Can you go from project to product management?
Going from a project manager to a product manager needs a strategic approach and your willingness to learn skills. By leveraging your project managing expertise and the defined steps, you can go through a successful career change.
How can project management contribute to the goal of product management?
There are many project management tools for product managers to use. Tools enable project managers to execute strategic things by breaking them down into small tasks. They also help product managers to provide updates and be more effective.
Do product managers need to know project management?
Failure or success is relative to company and product goals. Product managers have a project planning and management element in their role with a spice of cross-team communication and flexibility.
Is product management only for tech?
One doesn’t need technical background to be a product manager but it helps if you want to go into product management.
Do follow our Trending Topics Section for more relevant articles on product management and project management
