Product managers are sometimes described as the CEOs of their products. They set the strategy, prioritize releases, talk to customers and clearly define features. Their efforts are ongoing and involve managing the entire lifecycle of the product.
Whereas project managers oversee a fixed project from beginning to end. It can be a single project or a group of projects. Their job is to execute the strategy set by the product manager or leadership team.
Their goals? A product manager’s goal is to deliver a product that customers love. A project manager’s goal is to work with a broader team with a diverse set of skills and to complete a project on time and under budget.
While these two terms are often used interchangeably, the jobs require very different skill sets. Nothing says this better than the different software the two professions use.
Product management software helps product managers organize, develop and communicate the product strategy, while project management software helps project managers (and others responsible for building the product) track the execution of the strategy.
Product managers are responsible for:
- Profit and loss
- Organizational training
Project managers are responsible for:
- Cross-team organization
- Problem resolution
- Status updates
Project management is important because it ensures proper expectations are set around what can be delivered, by when and for how much. Without proper project management, budget estimates and project delivery timelines can be set that are over-ambitious or lacking in analogous estimating insight from similar projects.
Product management is important because it aligns a company with the market. Product management is all about knowing your users, identifying their needs, analyzing the market and developing a solution that satisfies these needs. By continuously identifying and satisfying these needs, at a faster rate, you are creating a product that is ahead of competition.
Want to learn more about Product and Project Management? Tonex offers 16 courses in Product and Project Management Training.
Additionally, Tonex offers 120 different courses in a dozen categories in Leadership training.
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