Product Manager – CEO of their Product
While working in the field of IT, I feel lots of people having confusion with ‘What is Project’ and ‘What is the Product’, this confusion also leads to even bigger confusion on manager..
What differentiates Project Managers & Product Managers, which often used in replacement with one another!
These roles often cause confusion, even in tech companies. It is understandable — the words are separated by only two letters. And in most organizations, the responsibilities overlap in more ways than any other roles. In some cases, the same person is the product manager and the project manager.
Often, even very senior people also answer that, those who manages project is project manager and those who manages product is a product manager!
Unfortunately, this is not that simple, there is a fundamental difference between project and product.
Project Vs Product
If someone would like to define it in simple manner..
A product is what you are providing for a group of users. It can be anything: a physical product that you hold in your hands, a software application, or a service that you are delivering.
In contrast, a project is a plan with a series of activities that has a defined outcome and a fixed start and end date. The project is completed when that outcome is accomplished.
Typically, in their projects, Project Managers are responsible for
- Cross-team organization
- Problem resolution
- Status updates
While with some of the above responsibilities Product Manager is responsible for setting the product strategy and building a visual roadmap.
By having a “goal first” approach to managing and building the product, great product managers can create initiatives to help reach those goals.
Product managers are responsible for
- Organizational Training
- Profit and Loss
The product manager collaborates daily with cross-functional teams, regarding the future of the product: Engineering, Sales, and Marketing, Customer Success, etc.
Since the product manager is responsible for the product throughout its lifecycle, he will naturally be involved with any project that concerns the product.
So essentially, the Product Manager is CEO of their Product