Project management is about executing to deliver the product.
Product management is about discovering a product that is usable, valuable and feasible.
Brief History Of The Roles
Back in the day, it was the Product Manager’s job to do the Project Management as well. This used to work very well for shipped software companies such as Microsoft.
It all changed with the rise of the Internet services, as those required frequent and incremental small changes to a larger code base. The Product managers could no longer handle both roles effectively.
That’s why we have Project management and Product management now.
Project Management VS Product Management
Project management
- Own the process and execution of projects
- Short-term or finite time-frame
- Project completion with minimal issues
- Tactical, execution-focused mindset
Responsibilities
- Develop project plans and timelines.
- Monitor progress, manage risks, and ensure deadlines are met.
- Coordinate resources and stakeholders to ensure smooth execution of the project.
- Ensure the project stays within scope, on budget, and is delivered on time.
Time-frame
Project Management is often short-term or finite, as it focuses on delivering a specific outcome by a set deadline. Once a project is completed, the project manager’s role in that project typically ends.
Success Metrics
Project Management measures success based on whether the project was delivered on time, within scope, and under budget. The completion of the project with minimal issues is the main measure of success.
Mindset
Project Managers need a tactical, execution-focused mindset. They aim to optimize resources, ensure efficiency, and manage risks throughout the project lifecycle.
Product management
- Discovers usable, valuable and feasible products
- Typically long-term time-frame
- How well the product meets user needs
- Strategic, customer-centric mindset.
Responsibilities
- Define product based on customer feedback, market research, and business goals.
- Work closely with cross-functional teams to ensure alignment with the product’s objectives.
- Make decisions about prioritization, release cycles, and future product development.
Time-frame
Product Management is typically long-term, as it’s focused on the ongoing success and evolution of a product throughout its lifecycle. A product can go through multiple iterations and releases over several years.
Success Metrics
Product Management measures success by how well the product meets user needs and business objectives. Metrics could include customer satisfaction, product adoption, retention, revenue, and market share.
Mindset
Product Managers need a strategic, customer-centric mindset. They focus on long-term value and solving problems for users while balancing business goals.
Summary
Product management aligns with your role in shaping the vision and strategy of the products you’re building, while project management would be about ensuring that your team executes these product visions on time and within constraints.