Project Manager Vs Product Manager. What’s the difference?

A project manager sets straight a product’s vision, goals, and business trajectory, while a product manager establishes the product’s vision, goals, and business trajectory. Know more about the roles of project manager vs product manager.

Introduction To Project Manager Vs Product Manager

You need steady and experienced management to steer your strategies in today’s competitive company market. Project manager and product manager are two extremely important but separate jobs that company executives at all levels frequently misconstrue.

They explain that the product manager will establish a product vision and disseminate it throughout the organisation. During this time, the product manager tries to persuade CEOs and other stakeholders to become enthusiastic about the next product. If the product manager is effective, they will create a strategic action plan, usually in the form of a well-designed product roadmap, to assist the organisation in bringing the envisioned product to life.

The product manager will start breaking down the strategic-level plans into actionable tasks, goals, teams, and deadlines. The project manager enters the picture at this point.

The Project Management Institute has a great overview of a project manager. The project manager is in charge of translating strategic plans into concrete, task-oriented activities. The project manager must handle interdependencies, team dynamics, and one-off issues while reaching a deadline with limited resources, which necessitates collaboration, delegation, and leadership.

Product manager vs Project manager  

Let’s look at the differences between a product and a project to comprehend the two roles better:

A product is a good that meets the wants of a specific group of people, also referred to as a target market. A product can range from software to jewellery, as well as a service like a consultancy. From development to market testing and release, each product travels through the product lifecycle.

On the other hand, a project is a set of tasks to achieve a specified goal. The outcomes and deliverables of a project can range from a website redesign to a new internal process.

In this instance, the Product Manager is analogous to the mother in that they come up with the concept, works on it for months, takes it to market, and is accountable for it until it becomes obsolete. The executive team oversees the entire process and ensures that business objectives are reached and is ultimately responsible for both responsibilities. Product manager vs Project manager is thus an eternal debate.

The fundamental distinction is that a project manager’s duty is to complete a stated project with a specific deadline, whereas a product manager’s job is to develop a product continuously.

Product managers are in charge of driving product development from a strategic standpoint, whilst project managers supervise the implementation of those development plans. A product manager is in-charge of a product’s success from start to finish, whereas project managers oversee the completion of projects. Although product managers and project managers sometimes collaborate, their duties are distinct. The project manager manages the various projects that make a product’s vision, goals and business trajectory a reality, while a product manager establishes the product’s vision, goals, and business trajectory. In other words, if the product manager is a strategic thinker, the project manager is a doer.

It might be beneficial if we separate products from initiatives. Any item that is sold as a product is referred to as a product. Because a project’s duration is limited, the project team is inherently transient, and it’s normal for the project manager to collaborate with part-time project participants. Product manager vs Project manager, are critical to the well-being of the project.

On the other hand, a product is subject to an ongoing product management process rather than a time limit, allowing a product manager to have a full-time product development team. Having a dedicated full-time team is critical to a product manager’s success.

The purpose of a project manager is to execute the project on time, on budget, and according to the agreed-upon scope. There may also be specific outcomes that the project aspires to attain, but these are assumed to be accomplished by the actions outlined in the project specification. Waterfall methodologies are commonly used in projects, with an upfront specification and actions spelt out in a Gantt chart. When actions are well-executed, but outcomes are not attained, it is frequently not attributed to the project manager’s responsibility.

A product manager’s purpose is to improve the product, which is often quantified by metrics and frequently linked as the Key Results of an OKR. This means that adopting an agile methodology will alter the plan of action as the team learns and discovers more. A product manager should be held accountable for the results of all actions combined, i.e. how the metrics have improved, rather than for any single activity. Product manager vs Project manager brings about improvements and efficiencies in the projects.

What does a product manager do?

A product manager is in charge from the start of a product’s lifespan until the finish. This means they define a product’s vision, oversee any upgrades, and ensure the product continues to meet consumer expectations until it is decommissioned. Product management, unlike project management, does not always have a distinct beginning and end.

Product managers can take on high-level tasks like managing a team in larger firms. A product manager in a smaller company might conduct more hands-on work, such as market research or project management.

Because the post of a product manager is still relatively new, exact tasks might vary greatly from firm to company and team to team. A product manager, on the other hand, typically does the following:

• Defines critical indicators for product performance 
• Recognizes and communicates consumer demands to the product team
• Collaborates with cross-functional teams to develop and implement product strategies, such as engineering, design, and marketing.
• Conducts market research and other studies to find methods to improve or expand a product.
• Monitors the product’s performance.
• Evaluates and tracks new product features.
• Keeps an eye on the competition.

What does a project manager do?

A project manager is in charge of a project from beginning to end. A project is a collection of tasks aimed at achieving a specified goal. Projects might be large, such as the construction of a new building, or small, such as the implementation of a new tool for a team to utilise. A project manager is someone who plans these initiatives from start to finish by forming teams, defining timetables, managing finances, and communicating with stakeholders. A project usually has a clearly defined beginning and end.

Project managers can perform the following duties:

• Establish critical milestones, such as project scope, timing, and budget projections.
• Collaborate and communicate with leadership and stakeholders on a regular basis.
• Establish and maintain processes for project adjustments.
• Keep track of work and deadlines with project management software.
• Ensure that teams are collaborating effectively and that they are remaining motivated and on track.

Careers paths for a product manager or project manager

The path to becoming a product or project manager is comparable in many ways; project managers can advance to become product managers. Product manager vs Project manager, are two parallel streams of skillsets highly significant in today’s world.

While some product managers start their careers right out of college, it’s more customary to gain experience and abilities first. Because product managers must understand company and customer needs, they may have business operations or marketing expertise. Senior product managers and vice presidents of products are possible career paths for product managers.

Project managers, on the other hand, frequently begin their careers in the business. A software development project manager, for example, may have worked as a software developer for a few years. They could also start off as a project coordinator or assistant project manager. Product managers, senior project managers, and project management directors are all options for project managers.

However, keep in mind that these two disciplines are still relatively fresh and flexible. There is no one-size-fits-all approach to becoming a project or product manager.

Skills required for a product manager or project manager

 Human skills, sometimes known as soft skills, are critical for both product managers and project managers. You’ll also require some advanced technological knowledge.

Product manager skills

• Data analysis
• Market evaluation
• Price forecasting
• A basic understanding of user experience (UX)
• Business fundamentals

 Project manager skills

•   methodologies such as Scrum, Agile, and Waterfall
• Contingency planning
• Project management software, such as Asana and Gantt charts
• Budgeting fundamentals

Product manager role, its challenges:

A product manager is faced with a slew of strategic product difficulties. This is due to the difficulty of developing and launching new items. Working with numerous teams, tracking progress, and obtaining the necessary resources are just a few hurdles.

Other difficulties that a product manager could face include:

• Resolving product failures: If a product is underperforming, the product manager must make modifications or discontinue the product entirely.
• Managing cross-departmental communication: Product launches necessitate the collaboration of various teams, which necessitates good communication for all stakeholders.
• Adhering to a strict product launch timeline: Because product launches are complicated, The product managers work to keep the timetable in order to avoid delays.
• Working with suppliers to acquire materials: The product manager’s role is to engage with vendors on a regular basis and get the necessary materials.

Project manager role, its challenges:

Project managers confront similar issues as product managers because project management can be a complex role. Project managers, on the other hand, concentrate on resolving project issues rather than product issues.

The following are some of the issues that a project manager may face:

• Managing and tracking risks: Project managers are in charge of keeping track of and mitigating any project hazards by maintaining a risk register.
• Maintaining project timetables and deliverables: It’s critical to keep track of project timelines and deliverables to ensure that they meet bigger corporate goals.
• Collaborating with product and programme managers: To achieve consistency across several initiatives, project managers should collaborate extensively with other teams.
• Problem-solving project changes: Just as with hazards, project managers should keep track of changes as they occur so that all stakeholders are kept aware.
• Keeping up with market trends: In order to optimise procedures and improve team efficiency, project managers need to remain on top of new tools and resources.

Conclusion

Finally, the scope of product manager or project manager responsibilities will be determined by the organisation and industry in which you work. Both positions can be expanded or contracted to meet the needs of a particular product or project.

A product manager’s responsibilities, paradoxically, might be both larger and lesser than those of a project manager. A product manager must be able to devote a year or more to one product or one client requirement. When it comes to Product Manager vs Project Manager, each leaves no stone unturned to make a project successful.

The responsibilities of product managers and project managers are well defined. However, as we’ve seen, the two jobs gradually bleed into one another in real companies. The degree to which they overlap is largely determined by the organisation in question. At the end of the day, professionals in both roles strive for the same goal: a successful product. Putting aside the ambiguity and overlap in expertise, product managers and project managers are a formidable team.

Their differences complement one other and ensure a company’s long-term success. If you treat them right, they’ll take care of your business. Project and product management are concepts that are very similar. Both are issue solvers, but you must understand how they vary in order to produce a successful product. Only in this manner will you be able to achieve your business objectives.

Internally, project management focuses on achieving particular goals and completing a project on schedule and on budget. The project is no longer managed once it is completed. The product manager takes a very broad view and focuses on customers externally and the continuous success of the product. Although it’s possible to have one person fill both managerial gaps, separating these roles is ideal to avoid conflicts of interest and underperformance. Also, this allows the company to better resource allocation and a clear timeline for the project.