Product and project management are often viewed as two sides of the same coin. These two roles collaborate quite closely, but have distinct and separate responsibilities that complement one another. This can lead to some confusion, and for good reason! It’s not uncommon for one person to take on both mantles, but a differentiated approach to each role can go a long way.
So, what exactly is the difference between product and project management? And do they really need to be two separate jobs? Let’s first break down the difference between a product and a project to glean a better understanding of what exactly these managers are responsible for.
A product is the actual item you deliver to your customer. It could be a tangible object you can physically touch, or a software or service that fulfills a market need. The lifecycle of a product lasts from cradle to grave, and typically follows this trajectory:
Meanwhile, a project is a one-time activity with the end goal of delivering a product or service. A project has a clear start and end date with a defined outcome, and if properly executed, will follow the five stages outlined by the Project Management Institute:
A key difference here lies in the fact that a product ‘lives’ on its own timeline, from ideation to launch to time in market to sunset, while a project is a singular engagement with a defined start and end time, with scope to deliver said product to market.
Now that we know exactly what we’re managing, let’s dive into the difference between the product and project manager roles.
A product manager is in charge of the entire product lifecycle from ideation to retirement. They’re responsible for the profit and loss and success of the deliverable itself, so product managers must perform regular market research to determine the “what” and “why” of the product. They are also responsible for the continuous improvement initiatives during the product’s life cycle.
A project manager oversees a project from start to finish, ensuring all goals and deliverables are met. They understand the product vision and goals and are responsible for creating schedules and plans to manage the execution of tasks to get deliverables out on time. Project managers must strike a delicate balance between the triangle of constraints – time, resources, and quality – which means they must be an expert in creating realistic plans for executing product strategy. They are responsible for the “how” and “when” of a product’s release.
Navigating product vs. project overlap
At first glance, you can certainly see how easy it is to confuse and conflate these two roles. Both focus on: the product itself; maximizing value; improving the customer experience; and delivering within a project’s requirements, exclusions, and assumptions. Both require organization and leadership skills.
Now, depending on the size of an organization or team, one person may end up having to play the roles of both product and project manager. This can work to an extent, but it’s a difficult balance to strike - when one person is tasked with too many responsibilities, things are bound to slip through the cracks. And as a project increases in complexity, clearly defined and disparate roles for product and project managers become more important. Take a look at some of these key distinctions:
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Product Managers = Product Development |
Project Managers = Drive Execution |
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Product managers focus on the product itself, and not necessarily the process of creating it. If one person wears both product and project manager hats, one of the two responsibilities may suffer. Having two distinct roles present enables a healthy push and pull between the two. |
Project managers may not be experts in the product itself and are thus not as well-equipped to define detailed business requirements or prioritize features in a way that will be the most impactful and provide the biggest ‘bang for their buck’ at launch. |
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Product managers spend a good amount of time on market research. This could be anything from watching competitors and reading news articles to attending conferences and interviewing key stakeholders. If they’re focused on necessary but tactical day-to-day project management, they miss out on critical market knowledge. |
Rather than focusing on the ins and outs of an individual product, project managers provide oversight and guidance for deliverables to launch on time, within budget, and at a desired quality. Essentially, we’re in charge of everything that needs to happen outside of product development for everything to run smoothly. |
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Product managers, when tasked with managing a project, may not have adequate expertise in balancing and juggling scope alongside quality, cost and schedules. |
Project management can be tricky, and it’s never one-size-fits-all. Our approach hinges on the scope of any given project and the work necessary to get it done, so project management can look quite different from organization to organization, person to person and project to project. For more on project managers’ specific responsibilities, click here. |
By having a product manager focus on strategy while a project manager owns the tactical aspects, the two roles will complement each other and lead to a more successful result for your GTM launch plans. While this isn’t always realistic or possible due to project scope or budget constraints, you can be strategic about how you delineate roles and responsibilities.
For larger and more complex initiatives, dedicate individual product and project managers so nobody gets overburdened. This will safeguard against potential mistakes during big ticket projects. For smaller, less complex projects you can ask team members to fulfill both roles, as long as you’re cognizant of the above constraints and set that person up for maximum success.
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