1. Project Management :
Project management, as name suggest, is simply management that focuses on management and process of guiding a project from start through its life cycle i.e. till its completion.
2. Product Management :
Product management, as name suggests, is simply management that focuses on managing and bringing new products to market as well as creating and documenting product strategy.
Difference between Project Management and Product Management :
|Project Management||Product Management|
|It mainly focuses on management of project.||It mainly focuses on management of product throughout life cycle.|
|It is a one time process i.e. temporary process.||It is a permanent management process i.e. an ongoing process.|
|Project manager have more responsibilities than product manager.||Product manager have less responsibilities than project manager.|
|Factors affecting project management includes internal communication, project manager, organizational culture, improper risk management, etc.||Factors affecting product management includes marketing conditions, economic trends, changing needs, cost and resources, etc.|
|Process of this management includes initiation, planning, performing, monitoring and controlling, and then finally closing project.||Process of this management includes vision, strategy development, product development and finally marketing and sales.|
|Its benefits include relationship management, strategic thinking, innovative awareness, increase customer satisfaction, etc.||Its benefits include reduce risk of product failure, clearly define expectations, align market needs, strengthen collaboration among internal teams, etc.|
|Its main objective is to identify methods or techniques that one can use and produce a final product on time.||Its main objectives is to plan and develop specifications for various products that meet long term goal or plan.|
|Type of project management includes six sigma project management, scrum Programming project management, PRINCE2 project management, etc.||Types of Product management include technical product management, visionary product management, marketing product management, etc.|
|Project management is more difficult than event management.||Product management is less difficult than project management.|
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