A product often goes through different projects in its lifetime. First, the process of making a product is considered a project. Soon after that, the process of enhancing, marketing, and strategizing it to meet market needs can be considered as different projects attached to the same product. There are instances in a professional world where you ask yourself, are you on top of what is important to your stakeholders? Project and product managers also go through the same. It is essential for project managers to distinguish between project and product life cycles to better understand both spheres.
However, there are times when new professionals do not understand several concepts related to the life cycles. For example, a product manager is supposed to manage processes related to a product from its manufacturing to marketing. Should a project manager report to the product leader, or do they work in an independent fashion? In their article, PM Tips talk about the differences between project and product life cycles.
Project Life Cycle
Project life cycles are a crucial aspect when it comes to delivering specific improvements associated with a product. A project life cycle always has a deadline that development must meet. Changes or improvements are incorporated into a feasible plan, with an affordable budget, quality measures, etc. The project life cycle involves a particular unit that works on a specific part of the product and later moves the product forward to the next stage.
Product Life Cycle
Project cycles are generally developed keeping the product in mind. However, the inception of the product can be considered to be born out of a project life cycle whose goal was to come up with a product. A product life cycle gives several opportunities to prove yourself to the stakeholders, demonstrating you have what is deemed necessary to your stakeholders. A product life cycle goes through different project life cycles. When it reaches its final destination, the product is eventually decommissioned and put out of use. The interesting point to observe here is that decommissioning a development could also be formulated as a project life cycle.
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