Product vs. Project

let’s start with the definition of the words product and project.

A product can be anything from a physical product, to a software or a service that satisfies the needs of a group of users. It goes through a life cycle, being developed and introduced on the market, grown in acceptance until it matures, and retired once it’s no longer needed.

A project is a one-at-a-time endeavor with the aim of creating a product or service. It has a start and end date, as well as a defined outcome. It usually goes through five stages – initiation, planning, execution, monitoring and control, and closure.

Now here’s the thing that sets them apart: the timeline. Unlike a project, a product is not a temporary endeavor. It evolves and adapts to the current user’s needs to prove its utility and avoid being retired. Hence, it can include several projects that aim to maintain, improve, or diversify it.

The product manager sets the vision for the product that needs to be built, gathers requirements, and prioritizes them, while the project manager acts upon this vision and makes sure that it is executed on time and on budget. Complementary roles indeed, but distinct at the same time.