Product Management vs. Project Management

What Is the Difference Between Product and Project Management?

Project and product management are mission-critical for organizations of all sizes but are distinct in their nature and scope.

Let’s check out the fundamental differences between product management vs. project management.

Difference between a product and a project

Before proceeding further, let’s understand the distinction between the two core words — project and product.

Product definition

• A product is a concept that solves the needs of a specific target audience
• Products go from an idea to development, testing, launch, and retirement in the multiple stages of the product life cycle
• A product is designed to meet specific customer needs

Project definition

A project is a particular endeavor undertaken to deliver a specific product/service within a scheduled timeline.

• Project specifications are clear, defined, and laid down before the project work starts
• Project teams work towards specified deliverables within predetermined schedules and budgets

Product management vs. project management

Let’s review the core differences between product management vs. project management.

Product management

Product management is a business function that manages a complete product life cycle, from ideation to retirement. It doesn’t have a predefined timeline and is based on the product’s growth trajectory.

Product managers drive product conceptualization, design, development, testing, and market launch and ensure that customer needs are met.

Project management

Project management is an organizational function that creates and executes a product or service. The entire project management process has a predetermined timeline and is a one-time exercise. The project is completed once the product or service is delivered to the customer.

Project managers supervise the five core stages: initiation, planning, implementation, monitoring, and closure.

Product manager vs. project manager

Now that we’ve evaluated project management vs. product management, let’s discover the differences between the roles of a product manager and a project manager.

Product manager

A product manager takes ownership of the product from start to finish. Their key responsibilities include creating the product strategy, designing a roadmap, and engaging with stakeholders.

They utilize their in-depth product knowledge and understanding of business requirements to solve end-user needs.

Project manager

The project manager carries out the product vision and roadmap created by the product manager. They work closely with the team in the implementation phase to create work schedules and supervise the execution of crucial tasks.

Project managers guide the project towards its successful completion while managing the team to ensure high-quality, on-time deliverables.

Get a free trial of Wrike to set and prioritize goals, boost team collaboration, and deliver successful projects and products every time.