It mainly focuses on management and achievement of planned objectives that can be either outputs or outcomes, profits, etc. |
It mainly focuses on management of inventories i.e. raw materials, components, goods and services or finished products. |
It is a temporary management process and is closed after projects completion. |
It is a permanent management process i.e. an ongoing process. |
Project manager have more responsibilities than inventory manager. |
Inventory manager have less responsibilities than project manager. |
Factors affecting project management includes improper communication, weak project closure, issue in risk management, unavailability of expertise, etc. |
Factors affecting inventory management includes financial factors, product type, external factors, suppliers, lead type, etc. |
Process of this management includes visualizing, selling and initiating project, planning project, designing processes and outputs, implementing and monitoring project, controlling, and finally closing project. |
Process of this management includes ordering, managing, warehousing, packaging, and finally supplying or shipping raw materials, end products or goods and services. |
Its benefits include accurate risk management, increase customer satisfaction, improved communication, increase level of expertise, etc. |
Its benefits include improve business negotiations, increase product visibility, saves cost, reduce risk of overselling, etc. |
Its main objective is to identify methods or techniques that one can use and implement to complete project. |
Its main objectives is to maintain and manage inventory at appropriate level simply to avoid or reduce any issue related to unavailability of required inventories. |
Type of project management includes PMI’s PMBOK project management, eXtreme Programming project management, Lean project management, etc. |
Types of Inventory management include periodic inventory management system, perpetual inventory management system, asset management, etc. |
Project management is more difficult than inventory management. |
Inventory management is less difficult than project management. |