What is the difference between Product Management and Project Management?

Focus

Focuses on the lifecycle of a product or service, including ideation, development, launch, and iteration based on market needs and user feedback.

Focuses on managing temporary projects with specific goals, timelines, resources, and deliverables.

Duration

Long-term and ongoing, spanning the entire product lifecycle.

Short to medium-term, with a defined start and end based on project goals and scope.

Scope

Concerned with the product strategy, market research, defining features, prioritisation, and aligning with business goals.

Concerned with planning, execution, resource allocation, and tracking to achieve project objectives within constraints.

Stakeholders

Engages with various departments like engineering, UI/UX design, marketing, sales, and customers.

Works with project team members, stakeholders, sponsors, and clients to execute the project plan.

Outcome

Focuses on the success and evolution of a product/service in the market, addressing customer needs and achieving business objectives.

Focuses on delivering specific project objectives, often involving tasks, milestones, and deliverables.

Flexibility

Requires adaptability to changing market conditions, user feedback, and technology advancements.

Adheres to a defined project plan and aims to manage changes within project scope through formal change control processes.