Tuesday, May 21, 2013

Product Management vs. Project Management 05/17 by PMChat PreGame Show

I was a guest on #PMChat - first on the quickie 15 minute podcast prior to the hour long Twitter Chat where all the action takes place on twitter.

Product Management vs. Project Management 05/17 by PMChat PreGame Show | Blog Talk Radio

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 A swipe at identifying the distinctions:

What is a Project, and what is a Product?

According to Sequent Learning:

A Product includes any tangible or intangible item or service, or bundles of goods and services offered for sale. Products have a life cycle. They are conceived, developed, introduced to and managed in the market, over a period of time.

A Project is a series of activities and tasks which contribute to the creation or support of a product or service. Projects are organized within a systematic framework, utilizing appointed or allocated resources. The tasks are subject to dependencies (e.g. upon the performance of others) and risks (e.g. upon factors that can go wrong). The delivery of a product signals the conclusion of these project activities and tasks. Projects also have a life cycle. They have a start point and an end point.

Product Managers are individuals appointed to be product or product line “mini-business” owners. They are the leaders of cross-functional product teams. These teams are formed to optimize the product’s market position and financial return over its life cycle and their performance should be consistent with division and corporate strategies.

Project Managers are individuals responsible for planning, monitoring and controlling all aspects of a project. They must motivate and synchronize the assigned resources to achieve the goals of the project, while coping with the constraints of time, cost and consistent quality. Project Managers manage projects from start to finish.

Similarities of Roles
  • Both roles align activities performed by cross-functional teams with strategic objectives
  • Both roles require strong influential and collaborative skills to guide critical decisions
  • Both roles orchestrate key activities and manage key deliverables
What are the responsibilities involved in Product Management and those that are involved in Project Management?

Project Management
  • Organizational function of planning, organizing, securing and managing resources
  • Applies processes and knowledge over time
  • Aligns cross-functional teams to complete projects
Product Management
  • Organizational function throughout product lifecycle
  • Proactive planning of products
  • Aligns cross-functional teams to create and support a product

Product Management:
Conceive, Plan, Develop, Qualify, Launch, Deliver Retire

Project Management:
Initiate, Plan, Execute, Monitor/Control, Close

What is the focus of Product Management (vs. the focus of Project Management)?

Project Management focus:
A. Organizational function of planning, organizing, securing and managing resources
B. Applies processes and knowledge over time
C. Aligns cross-functional teams to complete projects

Project Managers guide key decisions to maximize quality and minimize risk.

Product Management focus:
A. Maximize revenue.
B. Lead product development activities.
C. Reduce development cost.
D. Maximize profit.
E. Deliver high quality

Product Managers guide key decisions to maximize value and create new revenue streams

Where do you see Product Management in terms of its evolution and maturity as a profession, vs. Project Management?

Project Management has established standards, certifications, education and qualifications that have been in place and documented with the PMBok.

Product Management is an emerging profession, currently defined uniquely by every organization.  The AIPMM has been driving establishment of the profession with the forthcoming ProdBOK, product management body of knowledge developed by over 60 contributors.

What are the skills required for effective Product Management, vs. those required for effective Project Management?

Professional communication and leadership skills are essential to both. Ability to generate collaboration and work cross-functionally is a necessity to be successful in either role.

Listen to internet radio with PMChat PreGame Show on BlogTalkRadio

Here's a recap of the twitter chat presented by PDU Of The Day and compiled by Martin Chernenkoff. Martin, known as @EdmontonPM on Twitter:  bit.ly/10LdXQd

Here's the slidevu of the full twitter transcript conversation that includes all voices in chronological order:

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