Project Management vs Product Development

Project Management vs Product Development

What is the difference between Project Management and Product Development? Project has a pre-defined scope, allocated budget and agreed time-frame. We make some assumptions based on facts and available at that point data and generate plans based on them. Usually any deviations from that plan are rather unwelcome. And projects have very clear start and finish. 

Product Development, on the other hand, is an ongoing process. We have a vision for our product and as soon as we have something we can show to the customers, we seek an early 

feedback from them to validate our idea. And we always look for the feedback from the real- life customers. And based on that feedback we plan our next step.  So, we either pivot that idea and make some changes and channel it in a new direction or improve the product. And as soon as we have something that we can show to our customers we again seek the feedback and act on it. So this is  a constant, ongoing process, which never ends. So as long as the product is live, we follow that cycle.  And for that reason using traditional project approaches and techniques won’t just work for modern Product Development.

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