Product Management versus Project Management

It’s not uncommon for confusion to arise when it comes to Product and Project Management. Both disciplines are often abbreviated to ‘PM’, they share a range of common skills and there is a crossover between their functions, however, the responsibilities are very different. 

Let’s wade in and try to establish some clarity.

At a glance:

• The fundamental difference
• What is product management & what does a Product Manager do?
• What is project management & what does a Project Manager do?
• So, what do these roles have in common?
• Agile Scrum Methodology – at a glance
• Top picks for software
• Are Product Managers and Project Managers in-demand?
• How much can you earn as a Product Manager or Project Manager?
• How can I become a Product Manager or Project Manager?

The fundamental difference 

Essentially product managers manage products, project managers manage projects.

Where one is high level and strategy focused, the other is a driver of specific tasks.

• Product Managers define high level goals and objectives and then create a comprehensive strategy.
• Project Managers oversee the resourcing and scheduling of the approved strategy to enable the elements to ‘get done’. 

There’s a bit more to it than this top line summary of difference, so let’s dig into the details.

What is Product Management & what does a Product Manager do? 

The organisational function responsible for a product’s overall success is known as Product Management.

Product Managers are at the intersection of all individuals, teams and stakeholders involved in what is known as the ‘lifecycle’ of a product. 

Product Managers:

• discover the challenges and needs of their customers via research
• define a product vision, meeting the customer needs and reflecting business goals
• ensure the product concept aligns with market needs to confirm viability 
• create a comprehensive strategy to build solutions that satisfy all of these elements
• continually improve on existing products using data-driven insights.
  

Each step from coming up with the idea and designing the strategy, through to delivering it to market and making ongoing improvements is driven by the Product Manager. They devise and maintain the product roadmap to align all involved in the journey – it is a highly collaborative role. The key to this gig is always being a passionate advocate for the customer – their needs must be at the heart of the entire process. 

What is Project Management & what does a Project manager do?

Where Product Management is functioning on a strategic level, Project Management is all about organising and guiding the completion of specific tasks that exist within the overarching strategy.

The role of the Project Manager doesn’t come into play until the strategy (as defined and created by the Product Manager) has been approved. 

Once off the starting blocks, the Project Manager is a vital element in ensuring the plan goes smoothly. They are responsible for: 

• Scoping out each project element
• Overall scheduling of these initiative timelines
• Allocating resources across all projects (time, budget, staffing)
• Being aware of any significant risks prior to project commencing
• Executing the elements of the project plans
• Monitoring and tracking the project process 
• Regular communication to all relevant stakeholders about overall progress.

Key attributes of a great Project Manager include fantastic communication skills, time management prowess and strong leadership qualities. 

What do these roles have in common?