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Are you interested in a career as a product manager or project manager but not sure which one to choose? Well, we have got you covered. To begin with, both product management and project management roles are interconnected. These roles relate to planning, development of the product and delivery. In this blog post, you will get to know about product management vs project management, the differences between the two and a better career option for you.
Table of Contents
What is Product Management?
Product Management is a role within the product development team responsible for helping one make and improve products. This is done by generating new ideas, collaborating with teams to make them larger and ensuring they meet basic customer needs.
Who is a Product Manager?
A product manager is a person who is responsible for recognising basic customer needs and the broader business goals a product will have. These are the people who decide the criteria, envision the desired outcome for a product and lead the team to work towards achieving success in the same.
What is Project Management?
Project Management is the application of processes, skills, methods, knowledge and achievements to achieve a specific outcome.
Who is a Project Manager?
A project manager is a professional responsible for planning, executing, and managing organisational projects. Their primary role is to ensure that projects are completed on time, within budget, and according to specified requirements.
Key Difference Between Product Manager and Project Manager
To give you a better idea, here are the key differences between product management vs project management listed in the table below.
| Particulars | Product Manager | Project Manager |
| Description | Look over all the product needs, from the development and the final release. | Looks at overall project needs, from assigning tasks to completion. |
| Focus | Product Strategy | Work Coordination |
| Tasks | Gather information, create product roadmaps and prioritize launches. | Coordinate work among teams, plan KPIs and scope project resources. |
| Success | Correct failure, source materials and meet sales objectives. | Communicate with the team, track risks involved and meet business objectives. |
Which is Better Product Management or Project Management?
Neither product management nor project management is better than the other. They serve different purposes within an organization, and success often depends on how well they collaborate and complement each other.
Keep in mind that, in many organizations, these roles are intertwined, with product managers providing the vision and direction, and project managers executing the plans to bring that vision to reality. Ultimately, the effectiveness of each role depends on how well it is executed within the specific context of the organization and its projects.
Challenges of Being a Project Manager vs Product Manager
Here are some key challenges both project and product managers face:
| Project Manager | Product Manager |
| To keep track of and reduce any project risks, project managers must maintain a risk register. | If an issue arises, it is upto the product manager for making all the changes in the product altogether. |
| To make sure that projects fulfil corporate goals, it’s critical to monitor project schedules. | Multiple teams must work together during product launches, therefore it’s critical to maintain open lines of communication with everyone. |
| In order to notify stakeholders of changes, project managers should keep track of them as they happen. | Product manager must stick to schedules as product launches are complex and require lot of effort and time. |
| Project managers can help increase team productivity by streamlining processes and keeping up with emerging tools and resources. | Lastly, product manager are required to directly communicate with the vendors. |
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FAQs
In India, the salary for both project managers and product managers can vary significantly depending on factors such as the company, industry, location, level of experience, and skills.
Product management can indeed be a high-paying job, particularly in industries like technology, software development, e-commerce, and finance.
The salary of a product manager working in IIM ranges between INR 6 Lakhs to INR 22 Lakhs.
This was all about the “product management vs project management” and the related information. For more informative blogs, check out our Management Exams Section, or you can learn more about us by visiting ourIndian exams page.