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The Underlying Idea Behind PRINCE2® Methodology

PRINCE2® stands for Projects in-Controlled Environment. PRINCE2® is a process-based project management methodology that means PRINCE2® certified project management experts are not just projecting implementers but serious planners and contributors whom even the top management of an organization can trust with a whole new project. The original version of PRINCE methodology was updated in 1996-97; so, the new version becomes PRINCE2®. The methodology provides ways to simplify any types of project in several sub-modules so that the project management team can organize and control the whole project systematically.PRINCE2® methodology starts with some basic questionsAs said before, PRINCE2® methodology tries to simplify the project by segregating it into several parts and then integrating each part setting proper logic. The PRINCE2® methodology starts with some basic questions. These questions help to include all visible and invisible matters together:What we have planned to do?What is the expected date of starting the project?What arrangement does this project need?Is it possible to accomplish everything with the current availability of in-house resources or some external help is necessary?How much time the whole project can take?If more time is required, then how much further can it be stretched?What will be the maximum cost of the whole project?These questions form the foundation of a project. Many unknown or primarily suppressed aspects come out one by one while answering these questions. Hence, in the PRINCE2® methodology, a project always starts with these questions. The PRINCE2® methodology attributes a proper structure for every project. It defines it step by step so that everyone involved understands their roles, responsibilities, and limitations. PRINCE2® makes everything logical and organized.The pillars of PRINCE2® FrameworkIt is obvious that an unstructured, uncontrolled project goes nowhere. It destroys an organization’s precious resources and money. These types of unstructured, uncontrolled projects do not finish in time or within the assigned budget. Thus, PRINCE2® methodology provides a framework to channelize the resources, ideas, energy, money, and time. There are three pillars of the PRINCE2® framework:A project should have a planned and controlled start – A project should be well-planned with all the above-mentioned questions answered before starting it.A project should have a planned and controlled middle – While work-in-progress, the project should follow a predetermined path.A project should have a planned and controlled end – When the mission is accomplished it is necessary to reconcile everything systematically.Principles of the PRINCE2® methodologyThe entire PRINCE2® methodology is based on the following principles:Project undertaken should have proper justification with respect to the business: The project should be properly justified at any point in time. The project manager should be optimistic about its benefits and risk ensuring that benefits are always higher than the cost involved.Roles and Responsibilities of every member should be well-defined: All members of the project should know what the project wants from them and how to relate their responsibilities with others.Project is a systematic accumulation of several parts: PRINCE2® methodology breaks a project into several parts and then integrates them as the project demands. Thus, it helps the units to evaluate their success at each stage.Decentralized management: PRINCE2® methodology asked to form a project management board with senior-most managers that would determine the project cost, time, and resources. It then asks to provide the responsibility of the project to the project manager who will manage the project management teams. Each team would have team heads who will report to the project manager.Tailored to meet the project needs: PRINCE2® can be tailored depending on the importance of the project, the budget allocated, resource availability, and time.Project Management Roles in the PRINCE2® methodologyIn a PRINCE2® environment, the project management team needs to work in perfect cohesion. In fact, human resource planning and allocation take a different dimension here. PRINCE2® methodology induces teamwork culture in every part. The greater project management team is segregated into smaller units and each unit remains responsible for only their share of jobs. Again each unit remains linked with several other units that together accomplish the whole job. Some key roles in a PRINCE2® environment are given below:Project board: This remains at the helm of the entire project. The project board comprises of executive, senior user, and senior supplier. The programme or corporate management appoints the executive. This executive bears the responsibility of the project. They get technical support and advice from the senior user and senior supplier. Normally, the executive remains responsible for the development of the project management team. They also develop the Business case and performs a regular audit to ensure the feasibility of the project. The senior user is the representative of all the users who will use the project product. The senior supplier represents those designing, facilitating, and developing the actual project products.The project manager interacts with the project board whenever any important decision is taken or any unanticipated matter arises like the current budget may not be sufficient or a few resources may need some changes, etc. The project manager needs the approval of the project board in all major decisions that are not included in the actual project plan.Project Manager: The project manager organizes and controls the project management team. They develop smaller units as required and appoint unit heads. The project manager draws the whole working plan and delivers responsibilities to the units and individuals. They also provide deadlinesThe Customer: The customer is an individual, group, or corporate body that actually pays for the projectThe User: the user is an individual, group, or corporate body who will use the project products. In some situations, the customer and the user become the same individual, group, or corporate bodyThe Supplier: This is actually a group of professionals whose skills and experience are required to materialize the projectPRINCE2® Project ProcessPRINCE2® strongly advocates planning a project structure and adhering to it unless and until any crisis arises. Following are the essential steps in the PRINCE2® project process:Step 1: The first step in structuring the whole project that includes designing, directing and starting the project. At first, a project mandate is created that narrates the necessity of the project in brief. Once the mandate is established, the project is briefed. The project board is developed and the board members discuss the project on the basis of the brief they receive. They then approve or amend the brief and give their consent. At this point, a project manager is appointed to whom the project board delegates the project responsibility. The project manager designs the blueprint on the basis of a number of parameters such as deadline, the risk involved, budget, scope, quality, and benefits.Step 2: the second step includes control and management. The project manager develops the project team, segregates it in smaller units, assigns responsibility to each unit, and assigns budgets and deadlines. This step is the most important one in the sense that it actually materializes the project and shows the results, i.e. project products are developed in this step. Project manager gives regular updates to the project board that then review the feasibility of the project. As every stage completes, the project manager and project board undertake a feasibility check on the basis of several parameters.Step 3: This is the closing of a project. As the project products are developed, the project manager closes the project by reconciling every single aspect from finance to human resources. The final report is submitted to the project board that then ends the project.PRINCE2® project management supportManaging administrative works is important in any PRINCE2® project management. The project manager needs to deal with several types of documents and they also need to arrange meetings with the team or units as also with the project board. Besides, keeping files updated, arranging computerized files in proper order, data management, reviewing the team’s performance and problems, etc. are important administrative jobs. Project manager generally deals with all these responsibilities single-handed; in some situations, especially when the project is a large one or several projects are taking place simultaneously, the administrative office is established to handle these jobs.Scope of the PRINCE2® methodologyProjects have different levels. Some are extremely complicated with multidimensional aspects, some are multidisciplinary but not so complicated, and some are simple. PRINCE2® is suitable for all as it provides a common language for all stakeholders. PRINCE2® simplifies a complicated project by segregating it as per the requirement and then integrating the segregated parts to obtain the required outcome.Project assurance in the PRINCE2® methodologyIn PRINCE2® environment project assurance is the assessment of a project from independent perspectives. There are three different and independent project assurance views: business’ view, user’s view, and supplier’s view. It is evident that these views represent the independent views of project board members.Business assurance checks the viability of project cost, quality, and deadlines. The user assurance checks whether the users’ requirements and quality are maintained or not. Supplier assurance also called technical assurance checks whether the project is progressing as per the assigned framework. If the project is really big or taking place in more than one place at a time, a project assurance team is formed to obtain independent views of the above-mentioned personnel; otherwise, the responsibility is given to the project board.So, PRINCE2® methodology is designed to manage a project in an organized way. It attributes project structure at the very initial phase of a project and ensures that everyone involved in the project adheres to that structure. PRINCE2® methodology uses common language in every level that enables even novice project members to communicate with others effortlessly or understand their responsibility without much intervention of the unit manager or project manager.

The Underlying Idea Behind PRINCE2® Methodology

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The Underlying Idea Behind PRINCE2® Methodology

PRINCE2® stands for Projects in-Controlled Environment. PRINCE2® is a process-based project management methodology that means PRINCE2® certified project management experts are not just projecting implementers but serious planners and contributors whom even the top management of an organization can trust with a whole new project. The original version of PRINCE methodology was updated in 1996-97; so, the new version becomes PRINCE2®. The methodology provides ways to simplify any types of project in several sub-modules so that the project management team can organize and control the whole project systematically.

PRINCE2® methodology starts with some basic questions

Basic questions in PRINCE2 Methodology

As said before, PRINCE2® methodology tries to simplify the project by segregating it into several parts and then integrating each part setting proper logic. The PRINCE2® methodology starts with some basic questions. These questions help to include all visible and invisible matters together:

  • What we have planned to do?
  • What is the expected date of starting the project?
  • What arrangement does this project need?
  • Is it possible to accomplish everything with the current availability of in-house resources or some external help is necessary?
  • How much time the whole project can take?
  • If more time is required, then how much further can it be stretched?
  • What will be the maximum cost of the whole project?

These questions form the foundation of a project. Many unknown or primarily suppressed aspects come out one by one while answering these questions. Hence, in the PRINCE2® methodology, a project always starts with these questions. The PRINCE2® methodology attributes a proper structure for every project. It defines it step by step so that everyone involved understands their roles, responsibilities, and limitations. PRINCE2® makes everything logical and organized.

The pillars of PRINCE2® Framework

It is obvious that an unstructured, uncontrolled project goes nowhere. It destroys an organization’s precious resources and money. These types of unstructured, uncontrolled projects do not finish in time or within the assigned budget. Thus, PRINCE2® methodology provides a framework to channelize the resources, ideas, energy, money, and time. There are three pillars of the PRINCE2® framework:

  1. A project should have a planned and controlled start – A project should be well-planned with all the above-mentioned questions answered before starting it.
  2. A project should have a planned and controlled middle – While work-in-progress, the project should follow a predetermined path.
  3. A project should have a planned and controlled end – When the mission is accomplished it is necessary to reconcile everything systematically.

Principles of the PRINCE2® methodology

The entire PRINCE2® methodology is based on the following principles:

  • Project undertaken should have proper justification with respect to the business: The project should be properly justified at any point in time. The project manager should be optimistic about its benefits and risk ensuring that benefits are always higher than the cost involved.
  • Roles and Responsibilities of every member should be well-defined: All members of the project should know what the project wants from them and how to relate their responsibilities with others.
  • Project is a systematic accumulation of several parts: PRINCE2® methodology breaks a project into several parts and then integrates them as the project demands. Thus, it helps the units to evaluate their success at each stage.
  • Decentralized management: PRINCE2® methodology asked to form a project management board with senior-most managers that would determine the project cost, time, and resources. It then asks to provide the responsibility of the project to the project manager who will manage the project management teams. Each team would have team heads who will report to the project manager.
  • Tailored to meet the project needs: PRINCE2® can be tailored depending on the importance of the project, the budget allocated, resource availability, and time.

Project Management Roles in the PRINCE2® methodology

Project Management Roles in the PRINCE2®

In a PRINCE2® environment, the project management team needs to work in perfect cohesion. In fact, human resource planning and allocation take a different dimension here. PRINCE2® methodology induces teamwork culture in every part. The greater project management team is segregated into smaller units and each unit remains responsible for only their share of jobs. Again each unit remains linked with several other units that together accomplish the whole job. Some key roles in a PRINCE2® environment are given below:

  • Project board: This remains at the helm of the entire project. The project board comprises of executive, senior user, and senior supplier. The programme or corporate management appoints the executive. This executive bears the responsibility of the project. They get technical support and advice from the senior user and senior supplier. Normally, the executive remains responsible for the development of the project management team. They also develop the Business case and performs a regular audit to ensure the feasibility of the project. The senior user is the representative of all the users who will use the project product. The senior supplier represents those designing, facilitating, and developing the actual project products.

The project manager interacts with the project board whenever any important decision is taken or any unanticipated matter arises like the current budget may not be sufficient or a few resources may need some changes, etc. The project manager needs the approval of the project board in all major decisions that are not included in the actual project plan.

  • Project Manager: The project manager organizes and controls the project management team. They develop smaller units as required and appoint unit heads. The project manager draws the whole working plan and delivers responsibilities to the units and individuals. They also provide deadlines
  • The Customer: The customer is an individual, group, or corporate body that actually pays for the project
  • The User: the user is an individual, group, or corporate body who will use the project products. In some situations, the customer and the user become the same individual, group, or corporate body
  • The Supplier: This is actually a group of professionals whose skills and experience are required to materialize the project

PRINCE2® Project Process

PRINCE2® Project Process

PRINCE2® strongly advocates planning a project structure and adhering to it unless and until any crisis arises. Following are the essential steps in the PRINCE2® project process:

  • Step 1: The first step in structuring the whole project that includes designing, directing and starting the project. At first, a project mandate is created that narrates the necessity of the project in brief. Once the mandate is established, the project is briefed. The project board is developed and the board members discuss the project on the basis of the brief they receive. They then approve or amend the brief and give their consent. At this point, a project manager is appointed to whom the project board delegates the project responsibility. The project manager designs the blueprint on the basis of a number of parameters such as deadline, the risk involved, budget, scope, quality, and benefits.
  • Step 2: the second step includes control and management. The project manager develops the project team, segregates it in smaller units, assigns responsibility to each unit, and assigns budgets and deadlines. This step is the most important one in the sense that it actually materializes the project and shows the results, i.e. project products are developed in this step. Project manager gives regular updates to the project board that then review the feasibility of the project. As every stage completes, the project manager and project board undertake a feasibility check on the basis of several parameters.
  • Step 3: This is the closing of a project. As the project products are developed, the project manager closes the project by reconciling every single aspect from finance to human resources. The final report is submitted to the project board that then ends the project.

PRINCE2® project management support

Managing administrative works is important in any PRINCE2® project management. The project manager needs to deal with several types of documents and they also need to arrange meetings with the team or units as also with the project board. Besides, keeping files updated, arranging computerized files in proper order, data management, reviewing the team’s performance and problems, etc. are important administrative jobs. Project manager generally deals with all these responsibilities single-handed; in some situations, especially when the project is a large one or several projects are taking place simultaneously, the administrative office is established to handle these jobs.

Scope of the PRINCE2® methodology

Projects have different levels. Some are extremely complicated with multidimensional aspects, some are multidisciplinary but not so complicated, and some are simple. PRINCE2® is suitable for all as it provides a common language for all stakeholders. PRINCE2® simplifies a complicated project by segregating it as per the requirement and then integrating the segregated parts to obtain the required outcome.

Project assurance in the PRINCE2® methodology

In PRINCE2® environment project assurance is the assessment of a project from independent perspectives. There are three different and independent project assurance views: business’ view, user’s view, and supplier’s view. It is evident that these views represent the independent views of project board members.

Business assurance checks the viability of project cost, quality, and deadlines. The user assurance checks whether the users’ requirements and quality are maintained or not. Supplier assurance also called technical assurance checks whether the project is progressing as per the assigned framework. If the project is really big or taking place in more than one place at a time, a project assurance team is formed to obtain independent views of the above-mentioned personnel; otherwise, the responsibility is given to the project board.

So, PRINCE2® methodology is designed to manage a project in an organized way. It attributes project structure at the very initial phase of a project and ensures that everyone involved in the project adheres to that structure. PRINCE2® methodology uses common language in every level that enables even novice project members to communicate with others effortlessly or understand their responsibility without much intervention of the unit manager or project manager.

KnowledgeHut

KnowledgeHut

Author

KnowledgeHut is an outcome-focused global ed-tech company. We help organizations and professionals unlock excellence through skills development. We offer training solutions under the people and process, data science, full-stack development, cybersecurity, future technologies and digital transformation verticals.
Website : https://www.knowledgehut.com

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That brings us to the question of who are the stakeholders? Identify stakeholders Stakeholders include everyone that is working on the project and everyone the project impacts. All stakeholders need to be a part of the communication plan, but to what degree they are involved will depend on the role they play.  A particular team like sales may only be involved in meetings that have an issue that impacts them. Accounting may be involved in discussions that have to do with budgets or revising expenses. Members of a steering committee will be involved in regular meetings to take stock of the progress. Frequency The third question that needs to be answered is to fix the frequency of communication. Frequent meetings can create a logjam where people talk about things, delay making decisions. Such projects get stuck. If there is a complicated report that takes up time the frequency of it could be reduced. You do not have to have all the answers at the start of the project. You should plan all the things that could make communications easier.  Tools and Medium What tools are to be used to make reports? How are the meetings going to be held? If it is to be done in a meeting room can the room be booked in advance? If the meeting is online, which videoconferencing platform will be used?  These are a few of the questions that could avoid problems when the project starts. Clarity on how a meeting is held or how a status report is to be sent can make the communication process smoother and ensure that all stakeholders adhere to the communication plan.  Review There is no perfect plan. No amount of foresight can ensure that a plan stays infallible at all levels. There will be unforeseen problems or changes in expectation that require the plan to be flexible. Plans can and should be improved continuously to make them more efficient.  If a meeting is found to be unnecessary, it can be scrapped. Similarly, if there are areas that require more coordination you can introduce new meetings or procedures to address the need for better communication. Communication Plan ExamplesEach project that you will handle will have challenges of their own. All projects will benefit from having a communication plan. A basic communication plan will look like this at a high level.ParticipantsAgenda / TopicMedium / PlatformFrequencyTimingOwnerReviewTeam AItem listFace to face (Conference Room A)WeeklyEvery Monday 3:00 pm (Local Time zone)Team LeaderFeedback formTeam BItem listWeb Conference (Zoom)Bi-weeklyEvery alternate Wednesday starting on 15/12/21 at 11:00 am (Local Time zone)Division HeadOnline surveyCustomersNewsletterMail ReportMonthlyLast Day of the month 5:00 pm (Local Time zone)Marketing HeadOnline surveyAll StakeholdersProgress ReportMail ReportMonthlyFifth of every Month 5:00 pm (Local Time zone)Project ManagerAn email mailbox for feedbackSteering CommitteReview MeetingFace to Face Meeting (Conference Room A)WeeklyEvery Thursday 2:00 pm (Local Time zone)Project Manager1 on 1 discussionsThere would be more detailed plans at lower levels of the project within teams and for specific purposes depending on the scale or complexity of the project. If you look at holding the summer Olympics as a project, there would be thousands of people involved. A team that is tasked with the accommodation of athletes, officials and support staff will have frequent meetings with each other on the specific issues affecting them. The availability of specific accommodation, the proximity to the venues or the routes they need to take may be topics of interest to this team.  When somebody from this team attends a high-level meeting with other members from different functions like telecasting, these issues may not be discussed or brought up unless there is a clear connection between them. A good project communication plan also takes care to streamline the flow of information according to its relevance.6 Best Practices for Using Your Communication PlanHaving a great communication plan does not ensure that it will be followed, and everyone will accept the plan in the right spirit. You need to be vigilant of gaps in communication and fix them wherever they appear. Ensuring that a communication plan stays effective cannot be guaranteed, but there are some practices that can dramatically improve your chances.  Focus only on a few important points It might be tempting to be comprehensive and cover all aspects of a project early on. This might overwhelm or confuse the participants, especially if it is a meeting. Make meetings, emails, and other communication focused and target only a few topics at a time. This way the participants or audience will know what the meeting is about and what was the outcome of it. Establish clarity and context Projects can involve individuals from different teams having distinct functions. The vocabulary used in communication should be simplified or the context should be set so that someone who does not know about the aspect of the project will still be able to make sense of what is being discussed and how it may relate to them.  Be vigilant to signs of confusion One of the biggest risks that you should watch out for in your communication plan is the possibility of the audience missing important facts. An email going into the spam folder or looking too routine to be opened may not communicate what it was supposed to do.  Similarly in large and extended meetings individuals are bound to lose their attention from time to time. Keeping meetings short and small can help make communication more effective. Look for signs of disinterest or confusion from your audience.  Take feedback and involve others If your audience is engaged in communication, they can and will give input. These inputs could be used to make the communication plan more effective and relevant to the stakeholders. If the participants of a particular meeting do not feel like there isn’t value in it then it would make sense to scrap it.   You do not have to bear the entire burden of improving communication across the projects. Individuals in different profiles and roles will have unique inputs. Understand communication needs You should keep looking out for the changing needs in communication throughout the project. Who are the stakeholders not receiving information in a timely manner? Who are the participants that are not contributing to or benefitting from a meeting? Asking such questions would make communications more relevant to the audience.  Build relationships If the participants in a project do not share a good relationship with each other, it would help to account for some time for them to get properly acquainted before getting into the project. Understanding who is responsible for what would increase clarity and improve the quality of communication.Benefits of a Good Project Communication PlanA good project communication plan that is executed in the way it is meant to be can help your project on several levels. All the different stakeholders involved in the project will work in a coordinated manner. There will be clarity for each participant on what is expected from them. Individual teams will have a better idea of dependencies in all directions. They will identify the teams that they depend on and the teams that depend on them. A good communication plan evolves as the project progresses, improving the effectiveness of communication. Stakeholders get accurate updates about how the project is progressing. You can identify and fix issues early before they cause problems. There is greater transparency and cooperation. Why a Communication Plan Is More Important Than Ever There is no need to stress the importance of communication. What needs attention is how the needs are evolving. We are changing the way we communicate. People expect information to be readily available. We are also working on more complex projects that span organizations, continents, and time zones. To keep all stakeholders informed at every stage can appear to be a challenging task. A good project communication plan makes the job of all the stakeholders easier. A thorough, and flexible plan can go a long way in helping you and your organization achieve the desired project outcomes and could be seen as a critical component in your project. 
What Is a Project Communication Plan?
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What Is a Project Communication Plan?

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Project Management vs Product Management: Key Differences

With businesses getting increasingly competitive, steady and sustainable planning and management is needed to guide business strategies and set you up for success. Project management and product management are critical to this business strategy. These two vital roles are often confused, and while they might sound the same, there are some key differences between them.  In this blog, you’ll learn how project management and product management are two sides of the same coin, how they are complementary and how they differ. Which role is right for you? Find out!Defining Product Management and Project ManagementLet’s first start by defining the terms product and project. A product could refer to a physical product, like a new version of an Apple phone, or a software application, such as a CRM tool, or even a service offered to a group of customers. A project, on the other hand, is the effort involved, from start to finish, to create the product. Product management, therefore, is the function that is responsible for managing the product lifecycle—from the initial conceptualization, through the stages of its development and until it is introduced in the market, grows in acceptance and is eventually retired. There is no fixed timeline as it will be based on the success of the product in the market. A product manager makes sure that a great product is built, and that it meets the expectations of customers and the needs of the market.Project management is the function that is involved with the actual creation and execution of the product or service. It has a fixed timeline and is a one-time endeavour as it is completed when the project is closed, and the product is delivered to the customer. The lifecycle of the project goes through five stages—the initiation, planning, execution, tracking and controlling, and closure. A project manager oversees the project from start to finish, ensuring that all the goals are met.The Role of Product Manager Vs. Project ManagerLet’s now see what makes the role of a product owner different from the role of a project manager. A Product Manager owns the product from start to finish. They create and maintain the product vision, and act as the liaison between the stakeholders, users and the development team. They will understand the stakeholder requirements, translate them into design goals and coordinate with the team to see that the development is aligned with these goals. Quite often, the product manager is called the CEO of the product—probably because this role entails in-depth product knowledge as well as sound business sense. The Project Manager understands the product vision and goals that are laid out by the product manager, creates schedules and plans, and manages the execution of the tasks that are required to achieve the goals. They take care of the nitty gritty of the budget, time and quality, and ensure successful completion of the project. The project manager can be compared to the captain of the ship, steering the project in the right direction. To help make the distinction between the two roles very clear, imagine that you are a product manager. You might be able to answer questions like: What is the product brief? Who are the end users? What are the problems we are trying to address? How will the product look and feel? What does the competition look like, and how can you ensure that this product scores over the others in the market? And these are some of the questions that might land up on your plate if you’re a project manager: How much time do we have to complete the project? What is the budget? How can I manage the timelines? Is the team delivering on the promised quality? How can I optimize resource allocation? Here are some of the differences between the two roles, laid out in the form of a table: Product Manager’s RoleProject Manager’s RoleRole descriptionStrategic and requires product knowledgeTactical and requires planning skillsProduct visionOwns the visionFollows the visionProduct goalsOwns the goalsAchieves the goalsInteractionsInteracts with stakeholders and project managerInteracts with product manager and teamsDeals withThe ‘what’ and the ‘why’ of the productThe ‘how’ and the ‘when’ of the projectTimeframeWill focus on the product even after delivery, trying to maximize its marketability and improve sales.The job of the project manager ends when the product is delivered. They are not required to be a part of the marketing and launch.SkillsetMust be good at market research, strategic thinking and business-savvyMust be good at planning, budgeting, organizing and time management.Responsibilities of Product Managers Vs Project ManagersAlong with the difference in the two roles, comes the differences in the responsibilities as well. Essentially, the product manager has external responsibilities; those of dealing with stakeholders, management and end users, and understanding the technical aspects of the product. The project managers have internal responsibilities, which involve issues that have to do with functionalities, planning and execution, and they look inward toward the development team. The responsibilities of a product manager might involve (among others):  Understanding the product and doing some market research Gathering the user requirements and collating them Working on a business analysis, and identifying risks and opportunities Defining the product features that can maximize value Technical trouble-shooting Chalking out the product roadmap Managing tasks and deciding the priority Strategizing product launches to gain competitive advantage Retiring the product when it is no longer viable The responsibilities of a project manager are quite different, and could be along these lines: Planning doable timelines, based on the development team’s capabilities Identifying potential risks and mitigating them Managing any issues that arise during development Planning tasks Ironing out any conflicts or roadblocks to progress Allocating the right resources to the right tasks Daily management of task lists, materials, schedules, finances and so on Managing the project scope by balancing timelines, budgets and quality Is There Any Overlap Between Product and Project Managers?There is certainly quite a bit of overlap between the two roles of Product Manager and Project Manager. Both roles have the product in focus, and work to maximize product value, enhance customer satisfaction and deliver quality products on time and within budget. They are both required to be excellent communicators and should have great organizational skills and leadership capabilities. For both roles, experience and the right training are very important. However, product managers drive product development, while project managers drive project execution. There are certainly instances, usually in smaller companies, where one person could wear both hats. This does not always work out well, however, and there could be several issues that could arise as a result. These issues could include the following: As we have seen, product managers have more focus on the product itself, and not on the process of creating it—which comes under the purview of the project manager. If one person plays both roles, either of the two responsibilities will suffer as a result. Product managers usually take part in many external activities, such as attending trade fairs to keep an eye on the competition, interacting with stakeholders and so on. If they spend all their time in looking after the daily work, these activities will languish. Project managers might not have sufficient knowledge about the product itself and may not be able to define and prioritize the features adequately, as they will not have sufficient knowledge about the market. Whereas, for the product manager, it’s all about the product, and their primary work revolves around product strategy, product vision, product goals and maximizing product value. Product managers, when tasked with managing the project, might not have adequate expertise in balancing and juggling scope, quality, financial outlays and time schedules. When one person is weighed down with too many responsibilities, it’s a given that something will have to fall short. Quite often, and understandably so, quality is what gives way first. As projects grow increasingly complex, having a product manager focus on the strategy, while the project manager takes care of the tactical aspects will lead to more successful outcomes. Wrapping Up: Final Thoughts  As we have seen, the two roles are complementary, and both are equally important for successful outcomes. If you’re trying to decide on which role might suit you best, take a look at your skill sets, understand the responsibilities that come with each role and then make your decision! Rest assured, both roles will continue to be in demand in the foreseeable future, and either way you can’t really go wrong!  To equip yourself with industry best practices and start your career on the right foot, explore these sought-after project management certifications. 
Project Management vs Product Management: Key Differences
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