Conditions Apply

Search

A Perspective Of Project Management And Product Management

For those who have had experiences working as a project manager, the concepts and activities of project management come very natural. Project management practices have been around since ancient times. As early as 2570 BC, there were records of project managers doing the planning, coordination, and construction for the Great Pyramid of Giza. The history of modern Project Management is said to have started around 1950. Today, it is largely popularised by accredited bodies such as the Project Management Institute (PMI®️) - Project Management Body of Knowledge, PRINCE2®️, etc. Interesting things to know about Product Management  Product management came as a more recent development. It was started by Neil McElroy in 1931 as a memo written to justify the hiring of more product managers. In recent years, product management had been infiltrating the Infocomm and Tech industry through the development of methodologies such as Scrum and Agile Manifesto. Comparing the two roles and practices, there are often misconceptions that Product Management and Project Management are interchangeable terms. That is to say, a Project Manager role is similar or interchangeable with a Product Manager role. Project Management vs. Product Management Perspective Let’s try to identify the differences between the two by first looking at the definitions of Project Management and Product Management. How does “project” differ from “product”? The term “Project” as defined by PMI’s guide to the Project Management Body of Knowledge is- “A temporary endeavour undertaken to create a unique product, service or result. A project is temporary in that it has a defined beginning and end in time, and therefore defined scope and resources.” Whereas the term “Product” refers to- “A service or an item offered for sale in the market. The value of a product depends on the market, the quality, the marketing and the segment of audiences that is targeted. Each product has a lifecycle after which it needs replacement or upgrade of features.” From the above definitions, a project and product are different. For illustration purposes, a project is similar to someone performing a “task”. The task is bound by a timeframe and has a defined scope and resources. A product, on the other hand, is the output of the project or task. It is like the goods or services produced as the output to the work performed on the task.Which is better - Project or Product Management?It is very difficult to tell. But having both the Product Manager and the Project Manager at the team level will contribute to the successful completion of product in a positive way. It is not about choosing the best. Both the Project Manager and Product Manager are equally important for yielding a long-term business success.Let us now explore further into the roles and responsibilities of Project Management and Product Management.Comparison of Project and Product Management According to Blackblot Product Manager’s Toolkit (PMTK) Methodology, “Product Management is an occupational domain which contains two main disciplines. They are the- a) Product Planning andb) Product Marketing. Product Planning is focused on knowing the customers well and being the advocacy of the customer. It is an ongoing process of identifying and articulating market requirements that defines a product’s features set. Product Marketing is about knowing the business value of the product. They refer to activities aimed at generating products awareness, product differentiation and demand.” In the same context, PMI’s definition of Project Management refers to “the application of several techniques, skills, knowledge and tools to ensure that the project is able to meet the requirements.”Therefore, there are even more distinct differences between the project and product manager in terms of roles and responsibilities of a Project Manager as compared to that required for a Product Manager. The Product Manager’s role is focused on delivering value and increasing the intrinsic value of the product. To do these, the Product Manager need to get to know the users of the product well. Project managementvsProduct managementProject Knowledge  baseProduct Knowledge baseProject Portfolio analysisCompetitive analysisProject CharterProduct Portfolio analysisProject management planMarket strategy planTask breakdown structureMarket requirements documentsEarned value analysisProduct  requirement documentsFeasibility studyProduct business caseCommunication planProduct roadmapProcurement planTechnology roadmapQuality assurance planLaunch planRisk management planMarketing planStatus reportEnd of product life planAlso, the Product Manager should take on the roles of a business analyst in articulating and defining the requirements to the product team. He/She should also be a marketing specialist to promote the product and be responsible for driving usage and awareness. An important role of the Product Manager is also determining which features to roll out first and the time-to-market for the product. These skills are even more relevant in an Agile environment where there are multiple software releases and the role of a product manager is important in ensuring that the team is “building the right product”. Lets see the comparison between the Project and Product management in the tabular form. A Project Manager’s responsibilities is to organise the team to deliver the project requirements within the approved budget and resources given. The Project Manager is focused on the process and the application of the right tools and method to complete the predefined task or assignment within a certain timeframe. The Project Manager role is to ensure that the team is “building the product right”.Hence in summary While transitioning from the project manager role to product manager, you need to keep one thing in mind-A Project Manager’s role is to ensure that the team is ‘building the product in a right way’. Whereas, a Product Manager’s role is to ensure that the team is ‘building the right product’. In essence, a Product Manager should work closely with a Project Manager to ensure better synergy and success in the implementation of the project or product. The project management and the product management roles do not overlap one another, but complement each other.  Both perform different functions and work hand-in-hand to ensure the delivery and success of the implementation of a project or product.
Rated 3.5/5 based on 0 customer reviews

A Perspective Of Project Management And Product Management

601
  • by lorraine ong
  • 10th Aug, 2018
  • Last updated on 19th Feb, 2019
  • 4 mins read
A Perspective Of Project Management And Product Management

For those who have had experiences working as a project manager, the concepts and activities of project management come very natural. Project management practices have been around since ancient times. As early as 2570 BC, there were records of project managers doing the planning, coordination, and construction for the Great Pyramid of Giza. The history of modern Project Management is said to have started around 1950.
 
Today, it is largely popularised by accredited bodies such as the Project Management Institute (PMI®️) - Project Management Body of Knowledge, PRINCE2®️, etc.
 
Interesting things to know about Product Management
 Product management came as a more recent development. It was started by Neil McElroy in 1931 as a memo written to justify the hiring of more product managers. In recent years, product management had been infiltrating the Infocomm and Tech industry through the development of methodologies such as Scrum and Agile Manifesto. Comparing the two roles and practices, there are often misconceptions that Product Management and Project Management are interchangeable terms. That is to say, a Project Manager role is similar or interchangeable with a Product Manager role.
 
Project Management vs. Product Management Perspective
 
Let’s try to identify the differences between the two by first looking at the definitions of Project Management and Product Management.
 
How does “project” differ from “product”?
 
The term “Project” as defined by PMI’s guide to the Project Management Body of Knowledge is-
 
“A temporary endeavour undertaken to create a unique product, service or result. A project is temporary in that it has a defined beginning and end in time, and therefore defined scope and resources.”
 
Whereas the term “Product” refers to-
 
“A service or an item offered for sale in the market. The value of a product depends on the market, the quality, the marketing and the segment of audiences that is targeted. Each product has a lifecycle after which it needs replacement or upgrade of features.”
 
From the above definitions, a project and product are different. For illustration purposes, a project is similar to someone performing a “task”. The task is bound by a timeframe and has a defined scope and resources. A product, on the other hand, is the output of the project or task. It is like the goods or services produced as the output to the work performed on the task.
Which is better - Project or Product Management?

It is very difficult to tell. But having both the Product Manager and the Project Manager at the team level will contribute to the successful completion of product in a positive way. It is not about choosing the best. Both the Project Manager and Product Manager are equally important for yielding a long-term business success.
Let us now explore further into the roles and responsibilities of Project Management and Product Management.

Comparison of Project and Product Management
 
According to Blackblot Product Manager’s Toolkit (PMTK) Methodology, “Product Management is an occupational domain which contains two main disciplines. They are the-
 
a) Product Planning and
b) Product Marketing.
 
Product Planning is focused on knowing the customers well and being the advocacy of the customer. It is an ongoing process of identifying and articulating market requirements that defines a product’s features set. Product Marketing is about knowing the business value of the product. They refer to activities aimed at generating products awareness, product differentiation and demand.”
 
In the same context, PMI’s definition of Project Management refers to “the application of several techniques, skills, knowledge and tools to ensure that the project is able to meet the requirements.”
Therefore, there are even more distinct differences between the project and product manager in terms of roles and responsibilities of a Project Manager as compared to that required for a Product Manager. The Product Manager’s role is focused on delivering value and increasing the intrinsic value of the product. To do these, the Product Manager need to get to know the users of the product well.

 

Project managementvsProduct management
Project Knowledge  base
Product Knowledge base
Project Portfolio analysis
Competitive analysis
Project Charter
Product Portfolio analysis
Project management plan
Market strategy plan
Task breakdown structure
Market requirements documents
Earned value analysis
Product  requirement documents
Feasibility study
Product business case
Communication plan
Product roadmap
Procurement plan
Technology roadmap
Quality assurance plan
Launch plan
Risk management plan
Marketing plan
Status report
End of product life plan


Also, the Product Manager should take on the roles of a business analyst in articulating and defining the requirements to the product team. He/She should also be a marketing specialist to promote the product and be responsible for driving usage and awareness. An important role of the Product Manager is also determining which features to roll out first and the time-to-market for the product. These skills are even more relevant in an Agile environment where there are multiple software releases and the role of a product manager is important in ensuring that the team is “building the right product”.
 
Lets see the comparison between the Project and Product management in the tabular form.


 A Project Manager’s responsibilities is to organise the team to deliver the project requirements within the approved budget and resources given. The Project Manager is focused on the process and the application of the right tools and method to complete the predefined task or assignment within a certain timeframe. The Project Manager role is to ensure that the team is “building the product right”.

Hence in summary
 
While transitioning from the project manager role to product manager, you need to keep one thing in mind-

A Project Manager’s role is to ensure that the team is ‘building the product in a right way’. Whereas, a Product Manager’s role is to ensure that the team is ‘building the right product’.
 
In essence, a Product Manager should work closely with a Project Manager to ensure better synergy and success in the implementation of the project or product. The project management and the product management roles do not overlap one another, but complement each other.  Both perform different functions and work hand-in-hand to ensure the delivery and success of the implementation of a project or product.

lorraine

lorraine ong

Blog Author

Lorraine Ong is a skilled Strategist, Program and Product Manager, with 18 years of IT Management experience. She holds multiple certifications including PMP, Blackblot Product Management Professional, ScrumMaster, Scrum Product Owner, ITIL, CITPM, and J2EE Enterprise Architect. She has experience in policy writing and successfully lead teams in various large scale projects, products and programs implementations in MNCs and organisations.

Join the Discussion

Your email address will not be published. Required fields are marked *

Suggested Blogs

Quick Guide to Project Management

The demand for project managers has seen a rise like never before with the influx of global transformation and multiple development projects. The Project Management Institute (PMI) predicts that on an annualized basis, employers will need to fill nearly 2.2 million new project-oriented roles each year through 2027 to meet the anticipated demands of the industry. Here’s a quick guide to project management covering the essentials to get you started.
Rated 4.5/5 based on 4 customer reviews
Quick Guide to Project Management

The demand for project managers has seen a rise li... Read More

Project Management: What’s Trending in 2020

Project management is the practice that is used to initiate, design, execute, control, and close a team's work in order to reach specific objectives and fulfil specific success criteria at the specified time. The main challenge of project management is to achieve all project objectives within the given limits.A decade ago, managing projects was difficult and challenging. It was difficult to set clear goals with less project management tools and projects were being managed by smaller teams with simpler projects.Fast forwarding to 2020, the scenario is completely different as Project Management seems like a phoenix rising from the ashes. The teams are no longer small, nor are the tasks, and the goals are defined with a proper system.The project management industry is quickly evolving, keeping pace with advanced technologies, tools, and the latest trends.Today, we will discuss the top 5 Project Management global trends in 2020.1. Artificial Intelligence (AI) & Automation Will Impact ProjectsArtificial Intelligence has had a very positive impact on projects. According to a PMI report, software development, aerospace, healthcare and financing all implement Artificial Intelligence in their way of managing projects.The first thing project managers need to do is take AI into account in project management and then learn how to utilize it for successfully completing projects.Using AI in automating data will make it easier to handle projects than before. Moreover, you can form positive business relationships with your team members and clients, resulting in proper coordination and transparency.It’s quite common to witness poor estimates and unknown external factors pushing the deadline. Artificial intelligence can calculate the duration, cost and progress of a project properly and predict realistic project schedules.2. More Project Managers Will Incorporate Hybrid Project ManagementEvery project is created differently and differs in methodology and execution. No wonder the concept of hybrid project management is becoming increasingly popular and with every passing day, many Project managers and Scrum masters are combining more than one methodology.According to PMI reports, Hybrid project management aims to combine standard project management techniques with the agile methodology.When the hybrid model, such as combining a traditional approach is implemented with an Agile process, team members from different points of view and work styles will collaborate and achieve more flexibility, dedication, and productivity in their own way.Project managers are inclining to this flexible approach of projects in the current year. A combination of agile and traditional methodologies is best suited in a multi-project environment, where complex parts are executed using agile, and a traditional method is used for the simpler parts.3. Managing Projects Will Become Easier with Emotional Intelligence (EI)It seems strange, but project success is related to humans understanding and realizing emotions. How? According to PMI.org emotional intelligence can strongly predict performance no matter what job you do. It allows clients, team members, sponsors and management to interact with each other with clarity, handle challenges efficiently and make committed choices to act strategically and swiftly. EI is now an essential technology for a successful business outcome.Understanding the emotions of the team members and dealing with different personalities ensures that the project keeps progressing at a smooth and constant pace. This is an invaluable leadership ability for project managers around the world.Therefore, it becomes more important than ever to learn about emotional intelligence and what drives people to predict future project success.4. Remote Working is on the RiseThe trend of working remotely is now extremely common and this will go on in future too. There are a lot of advantages when people work remotely. It offers more flexibility and saves a lot of time as you don’t need to travel to your workplace. The costs to the project and company get further reduced leading to the development of talent. According to the results of a survey by Wrike, 83% of respondents work remotely every day for at least one to two hours. 43% of them reported that they work remotely now, more than they did a couple of years ago.When working remotely, projects will be managed by:Setting up daily, stand-up meetings and calls to stay updated on the progressHaving your team members keep you updated on any project changes or updatesUsing online collaboration tools such as Microsoft Planner to collaborate with team members and never miss out on any changes or updatesDoing quarterly individual assessments in a yearThe future of project management will witness a steep rise in next-gen project managers, project management offices, and more focus stepping up cybersecurity. Project managers should pay attention to these trends to successfully lead their teams.5. More Jobs Will be Available for Project ManagersProject managers are involved in every possible industry. According to ‘The Project Management Institute (PMI) report’ last year, the project management labour force is predicted to grow by 33 percent in over 11 countries by 2027. There will be a wide range of jobs for project management and these are estimated to grow over the next 10 years. Some of them are in industries like: Management and Professional ServicesManufacturingFinance and InsuranceInformation Services and PublishingConstructionUtilitiesOil and GasBy 2027, nearly 88 million professionals will be required in project management-oriented roles. The first in the race to hiring are China and India forming more than 75 percent of the total project management-oriented employment.The report further stresses that project managers are key in delivering successful projects and products. Acting otherwise can potentially create loss of nearly US$208 billion in GDP over the 10 years in the 11 countries examined.With the new trends of 2020, project management will be playing a major role in fastening product development with its new technologies, and in turn, increasing workflow efficiency. Owing to its exponential growth, multiple job opportunities will be created and staying on top of the latest trends will give one the leverage to make the most of such changes.
Rated 4.5/5 based on 2 customer reviews
9005
Project Management: What’s Trending in 2020

Project management is the practice that is used to... Read More

How to Collaborate Better in a Project Team

For every successful Organization, conversation between the teammates matters a lot. They need to share the current status of their work. The successful discussion within teams results in Team Work. If teamwork implies the success in implementing the project, we cannot give the credit to a particular person in the team. It is best to call it a “team victory”. If your project team or the entire organization is facing a problem in collaboration, it is time to plan for a well-connected platform to exchange ideas and iron out the differences. This can help generate the extra push to execute the necessary changes for making collaboration as an integral part of the Team collaboration, Project Management, and Communication. Here are the six more tips to keep your virtual team on track. Here are some key points to be followed in order to bring the project teams under one roof. 1. Decentralizing and Analyzing the Collaboration platform Management Establishing centralized management over the collaborative platforms can be problematic. So, it is better to analyze how the organizations can decentralize the platform management and move it away from the teams and departments. If you are going to decentralize the management over the collaboration platform, it is important to provide the following support- There should be trained Managers/Administrators who have a knowledge of administrative tools and other features Define the policies and the procedures for the decentralized site management, including the rules about the “Team supporting” which will start, instead of ended IT support. Provide the feedback approach for working teams, where the Managers across the organization can learn from each other. 2. Centralize Team Task Management in the Cloud If some of the important tasks are lagging behind, then it is important to centralize your team tasks, under centralized task management. This is a form of collaboration in which the team members follow, choose and comment on tasks. There are various Collaboration Management sites depending on the tasks. Huddle and Sharepoint are the two popular sites having the essential task management features. Similarly, if you want to move to social task management features, Asana and Producteev are the best options. 3. Move one email-based workflow to the Collaboration Platform Organizations should have at least one email-based workflow to the Collaboration platform. Later you can move for more email-based workflows to the platform, depending on the team’s needs. Huddle and SharePoint Online have workflow features that do not need any programmer, and ensure that those who are having access to the document are working with the same version. 4. Move One Email Group Communication to the Collaboration Platform It is better to keep your information on the cloud. Whether it is a contact list, new benefits announcements or important project documents, you should post these important things in the social stream. Everyone will be benefited after getting this information in an assembled form. 5. Make Collaboration more Social When organizations bring their collaboration platforms together with the enterprises that are having social technologies, a tool like “Tibbr” can be used to move your organizational team away from the e-mail inbox. 6. Integrating your platform with MS-Office MS Office users can save and check out documents from the platform. This is one of the best features in some collaboration platforms. MS-Office helps to save the documents directly from an application to the SharePoint site, using the File menu’s Share Option. Mentoring the team members on these applications will help achieve more productivity and security for the team’s docs. 7. Change collaboration platforms If your current platform is not meeting your potentiality or budget targets, you definitely should go for the changing collaboration platforms. Apps like Office 365, Huddle, Glip, Wrike, and Teambox allow free access for some period. So go ahead and try to figure out which one is suitable for you. With all these techniques, customized according to your business requirements, you can improve your team productivity and obtain more Return on Investment (ROI).
Rated 4.0/5 based on 20 customer reviews
12430
How to Collaborate Better in a Project Team

For every successful Organization, conversation be... Read More

Useful links