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The Difference Between Product Management & Project Management

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The product manager and the project manager are two of the most confusing, yet important, responsibilities in a digital firm these days.

Although they may have some talents in common, such as leadership and multitasking, they are actually two sides of the same coin.

The product manager creates the vision for the product to be developed, collects requirements, and evaluates them, while the project manager puts that vision into action and ensures that it is completed on time and on budget.

Indeed, complementary responsibilities exist, yet they are distinct at the same time.

Product vs. Project

A product can range from a tangible item to software or a service that meets the demands of a certain group of people.

It goes through a life cycle that includes being developed and brought to the market, growing in acceptance until it matures, and finally being removed when it is no longer required.

A project is a one-time operation with the goal of developing a product or service. It has a beginning and an end date, as well as a specific outcome.

Initiation, planning, execution, monitoring, control, and closing are the five steps that it normally goes through.

Now comes the element that separates them that is the timeline.

A product, unlike a project, is not a one-time effort. To prove its utility and prevent being retired, it changes and adapts to the current user's needs.

As a result, it may contain a number of programs aimed at maintaining, improving, or growing it.

Let's continue and analyze how their differences present them in their duties and responsibilities.

The Difference Between Product Management & Project Management Source: leosquad.com

Product Manager

They're the ones who decide on the overall product direction and stick to it until the product is taken off the market.

Understanding user demands, translating them into a design or MVP(Minimum Viable Product), leading a development team to build the product and meet those goals are their responsibilities.

This entails routine tasks such as:

  • Obtaining requirements through interacting with users
  • Problems and possibilities must be identified.
  • Choosing which ones are worth considering
  • Defining features and creating a roadmap
  • Organizing development tickets by priority

Product managers are also in charge of a product's revenue and expenses function.

That's why they work closely with the sales, marketing, customer success, and support teams to ensure that the company's overall revenue, market power, and customer happiness are met.

Project Manager

They must take the product manager's vision, create a project timetable around it, and schedule work for the development team in order to meet essential goals and deadlines.

To put it another way, their job is to effectively complete a project within the agreed-upon price, schedule, and quality with one project at a time.

This goal is frequently broken down into three steps:

  • Risk and issue management 
  • Planning and resource scheduling
  • Scope management

The project manager may also collect user needs, but he or she will have little say in defining and evaluating them, as well as assisting the product manager in developing user stories.

This informs them that the team's guidelines are as clear as possible so that they may readily follow them.

Leo The Lion

Leo The Lion