Project Management or Product Management: Which Approach Should You Follow?
Is your team confused whether to follow a project management approach or a product management approach to achieve better results for your company? Have you asked this question of various people only to get a different answer, adding further confusion?
Well, that's because there is no simple answer to this question. Moreover, it’s unfortunate that you get biased answers based on whom you are talking to. If the person you asked is a product champion, then you can guess the approach they will suggest.
In a bid to simplify this confusion, I will help you make an informed decision on choosing the right approach. Before we get into the details, let’s quickly review these two approaches and their synergies.
- Project management is the application of knowledge and tools to deliver a specific product, service or result within the allocated resources (time and cost), along with ensuring an agreed-upon quality. The project has a definite start and a definite end.
- Product management deals with the entire lifecycle of a product from its inception through to its retirement. It encompasses how a product will be conceived, designed, developed and deployed/launched, along with how it will compete in the market, grow, sustain and ultimately be retired at the end of its life. The life of a product can vary depending upon its nature, demand and how well is it managed.
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