Product Management vs Project Management PDF

-: In this video, I'm gonna be talking about product management versus project management. These two terms sound alike, but they're vastly different in the world of business today. So let's take a look at my phone. What exactly is this phone? This is a product of Samsung. So Samsung created t...

-: In this video, I'm gonna be talking about product management versus project management. These two terms sound alike, but they're vastly different in the world of business today. So let's take a look at my phone. What exactly is this phone? This is a product of Samsung. So Samsung created this product. Look at your phone. Maybe you have an iPhone or maybe a Samsung phone or whatever phone you have. That's a product that you're holding. If I look at this here, I have a remote control that's used to control the PowerPoint. This is also a product. Businesses produces products that they sell. Now, the concept of product management. What exactly is it? And how does project management fall into that? Well, before I get started in depth into the topic, I want you guys to remember project management is considered part of product management. Product management is the entire thing, from thinking about a product, visualizing it, gathering its requirements, building the product, sustaining, making the product, sustaining it, selling it to consumers, updating the product, and eventually retiring the product. Project management falls into that life cycle of product management. I want you guys to take a look at some of the text we have here. Let's go through this. So what exactly is product management? Well, product management encompasses or includes the strategic planning, development, and life cycle management of a product or service. So remember, what is the life cycle of a product? When you think about the life cycle of this phone, what is the life cycle of this phone? Well, remember what life cycles are. Life cycles is what we do from the very beginning to the end from when we were born to when we die. It's the same thing for this phone. It's from when we start this. It's when Samsung thought of this phone, from when this phone was born. Somebody in a boardroom or somebody at Samsung sat down one day and said, "Well, we need a new phone. We need a Galaxy phone." Or "We need a phone." And then they started designing the phone, right? They started coming up with requirements for the phone. So they gathered the requirements. But first of all, somebody had to initiate this and get it approved by the management. Somebody had to gather the requirements. Somebody had to design the phone, then they had to build the phone based on specification. Then they had to market the phone, sell the phone, update the phone like they're always updating these things. And eventually this series of phone will come to an end one day. That's the life cycle of this product. So remember that product management is involved. So when you say you're a product manager, you're involved in managing the life cycle of the entire product. From the moment the company thinks about it till it dies. It involves understanding the market needs. So what is market needs? Well, a good product manager can analyze the behavior of consumers to see, well, there's a real need for this product in the market. Like right now, if you're an electronic maker and you're not in the smartphone market, you're in trouble. Because if you think about it, everybody has one nowadays. So it is a need. Consumer want smartphones. Maybe we want something better. Maybe once something better comes out that's better than Apple, better than Samsung, maybe we'll just buy those. They define... So it says market needs, defining product strategy. So product strategy is how we're gonna build it, how we're gonna release it. Gathering requirements we talked about. You gotta gather requirements from your customers, from the internal business. And overseeing the product development. So I mentioned that once you gather requirements, you design it. You gotta build the actual product. You gotta launch it. Means you actually gotta push it out to consumers. And then you gotta maintain it. You gotta optimize it, you gotta update it. Think of a product that never gets updated. It goes obsolete, so nobody buys it. Product managers are responsible for the overall success of the product. Why? Because the product manager is gonna analyze the needs of the market. They're gonna gather the requirements in the market. They're gonna design it. They're gonna help build it. They're gonna push it out. If this thing doesn't... Let's say some product manager underestimates the market, pushes out the wrong product, they fail, they lose a lot of money. Now it says overall success of the product, aligning it to business objectives. Business objectives is always gonna be about making money. All right? Let's be realistic. So we gotta make sure that this aligns with what this business wants to do. And we have to know our customer demands. Good product managers understands their customers. Now, I just gave you an amazing introduction to your product management. This course isn't about product management but this gave you a good introduction to it. Let's talk about project management. So what exactly is project management? This you should know already, right? So us project managers, we focus on the successful execution and delivery of specific products within a defined scope, timeline, and budget. So we're gonna be focused on delivering a particular project. So a project is gonna have a scope. Let's say the project is to build a phone. You're gonna have a project to actually take the design of the phone, the design schematics, and build the actual device. So there's a whole project on that. So that's the scope is to build this device from the design. We have a scope. They might give us a year to build it. So we have a year and they may give us a couple million dollars. So the design, we take the design schematics from design team and development team builds it. Project managers are responsible for planning. So we're gonna plan how to build it. We're gonna coordinate all the activities while building it and we're gonna manage them to achieve the scope. The goal here is completed on time, within budget, and of course meeting any quality standards that would've been set up. The other thing here that we want to talk about is that product managers work closely with project managers. Why? You see, let's jump down to the last thing I have here. Project management is part of product management. You see, throughout the life cycle of a product, you are going to have many, many projects. There's a project to design the product. There's a project to analyze the market. There's a project to gather the requirements. There's a project to build it. There's a project to launch it. If you are a product manager, you are working and with and managing project managers. If you're a project manager, don't be surprised if your boss is a product manager. So we work closely together to ensure that the product strategy, which is gonna be build it, design it, release it, we gotta turn these things into actionable plans. Project managers oversees the execution of those plans. To design it, to develop it, to launch it. Ensure the product is developed, tested according to the plans and specifications. Now remember, broad project management is a part of it. It's just one of the many components. Product management is a very big category. It's a whole field of study by itself. For now, I want you guys just to understand that when it comes to product management and project management, remember product management is the entire life cycle of the product. From conception or thought about to designing it, building it, launching it, eventually retiring it or disposing of it. And within the life cycle of the product, you have many, many projects. So as a project manager, we're gonna work within the life cycle of product management.