The competition is everywhere. If you are in the business industry, you cannot run from the competition. Every business requires experienced people and management to work on the result-worthy strategies. Employees often use Project Management and Product Management interchangeably. But let us tell you that these are distinct positions.
A Product Management organization has separate roles for both Product and Project Managers. What is the requirement of your team? Well, the right role for your organization depends upon your business objectives. A Project Manager maintains the project by keeping track of its progress and bridges the communication gap. On the other hand, a Product Manager is the one who forms strategies for the product launch and coordinates with development teams. So, choose wisely which of the roles you want to include in your organization. If you are facing confusion, we are here to help you.
In this blog, we will decode the difference between the two and what are the responsibilities of the Product Manager and Project Manager.
Product v/s Project
Project Management and Product Management are two complementary terms but distinct from each other. Before moving any further, let’s first understand the difference between product and project.
A product is anything that you can launch in the market to satisfy the needs of the customers. A product is formed by passing through various stages. Initially, the idea is formed, and then the product is developed and offered to the market. Finally, the product comes to a retiring stage when the demand for the product starts diminishing. The product team is the one responsible for developing the products.
A project is an endeavor that is followed to create a new product. A project is like a plan that includes a clear set of rules of what is the requirement to be fulfilled by the specified date.
A product life cycle may include multiple projects. It is not defined in a product what needs to be delivered because the needs of the customers evolve over time. Similarly, the product should also evolve to meet their needs. Thus, you can say that product development is a continuous process of improving features of the product to satisfy the user’s needs.
Defining Product Management
Product Management is the process of dealing with the planning, forecasting, production, and marketing of a product.
Defining Project Management
Project Management involves the methods and techniques to attain the goals and objectives of a specific project.
Who is a Product Manager?
A Product Manager is one who takes the responsibility of managing every step included in the success of the product life cycle. Product Management recruiters hire the ones with excellent time-management and problem-solving skills, as these are the vital requirements for being a successful Product Manager.
They should follow the workable product strategies focusing more on the “what” aspect of the product. Successful Product Managers aim at maximizing the value and creating new revenue streams.
All in all, Product Managers –
- Prioritize the requirements of the customers.
- Define the vision of the product.
- Communicate with the sales and marketing team to ensure that the satisfaction goals of the customers are fulfilled.
Who Is a Project Manager?
Project Managers aim to deliver the project within a set budget and deadline successfully. The challenging part for Project Managers is to manage the scope of the project because they need to balance time, cost, and quality. For instance – if the deadline of a specific project has been reduced, Project Managers must either increase the cost or reduce the project’s scope to deliver quality. Hence, Project Managers have to maintain quality while minimizing risk.
All in all, Project Managers –
- Build a product.
- Improve the product; add new features or extensions to it.
- Managing a team of product developers and tracking their performance.
Dynamics Between Project Managers And Product Managers
A Project Manager is responsible for delivering the project and moves to the next one after successful delivery.
The Product Manager forms the idea, develops the product, and brings it to the market. He/she is responsible till the product becomes obsolete.
Both roles inform about their progress to the executive team, which then analyzes the entire process and ensures that the Product Manager and project manager have met the business objectives.
To Sum It Up!
Product and Project Management seem to be similar, but you need to understand the difference between the two. Only then can you meet your business objectives. Project Management is an internal concept focusing specifically on achieving certain objectives within a set budget and deadline until the project is no longer “managed.” While Product Management has a focus on customers, that means it is an external concept that determines the overall success of the project. You may consider hiring one person to fill both these positions. But it is advisable to separate these roles from steering clear of the conflicts. Moreover, separate roles also account for better resource allocation.