Webcast: Differences Between Project Management and Product Management

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Despite the similar names, there are big differences between product management and project management. The confusion between the two roles is common and potentially harmful to organizations who do …

Despite the similar names, there are big differences between product management and project management. The confusion between the two roles is common and potentially harmful to organizations who do not acknowledge the distinction. This is often the case for companies that develop web-based and technology products.

About The Speaker

Hector Del Castillo, PMP, CPM, CPMM is a senior consultant with over 15 years of experience directing the product strategy to lead high-performance product teams. He has launched several profitable technology-based products and solutions. He provides services as a consultant, contractor, coach, or trainer to organizations that need to create value-added products that delight customers and effectively market them to create demand.

About The AIPMM
The Association of International Product Marketing and Management (AIPMM), founded in 1998, promotes worldwide excellence in product management education and provides training, education, certification and professional networking opportunities. With members in 65 countries, the AIPMM is the Worldwide Certifying Body of product team professionals and offers globalized trainings and credentials localized for specific markets designed to meet the challenges of a constantly changing business landscape. As the only professional organization that addresses the entire product lifecycle from inception to obsolescence in any industry, the AIPMM supports strategic partners with offerings in Europe, the Middle East, Australia, and SouthEast Asia, as well as North America.

AIPMM Membership benefits include the national Product Management Educational Conference, regional conferences, the Career Center, peer Forums, tools, templates, publications and eligibility to enroll in the Certification Programs. The Agile Certified Product Manager® (ACPM), Certified Product Manager® (CPM), Certified Product Marketing Manager® (CPMM), Certified Brand Manager® (CBM), and Certified Innovation Leader (CIL) programs allow individual members to demonstrate their level of expertise and provide corporate members an assurance that their product professionals are operating at peak performance.
http://www.AIPMM.com
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Webinar Series: http://aipmm.com/aipmm_webinars/
Articles: http://www.aipmm.com/html/newsletter/article.php

Moderated by Cindy F. Solomon, CPM, CPMM
Founder, Global Product Management Talk @ProdMgmtTalk
http://www.prodmgmttalk.com
http://bit.ly/nbw9Yr

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  • The Certified Innovation Leader body of knowledge and credential is aligned with The Association of International Product Marketing and Management. AIPMM was founded in 1998. It provides professional development, training, and certification to those involved in product management, such as product managers and developers, marketing managers, brand managers, project managers, and many more. The certified innovation leader credential is one of four certifications provided by AIPMM. The others include: certified product manager, certified product marketing manager, and agile certified product manager.
  • With members in 65 countries, AIPMM is the world’s largest association focused on connecting product team professionals with each other and providing educational opportunities and tools to boost your productivity.
  • AIPMM offers globally recognized certifications for product managers, product marketing managers and brand managers.Certified Product Manager (CPM), Certified Product Marketing Management (CPMM) and Agile Certified Product Manager (ACPM). Certification requires obtaining a college degree, minimum one year of experience, and passing a certification examination.
  • IntroductionAre you currently looking for a new job? Are you a contractor or consultant in between engagements? This presentation is for current job seekers, independent contractors and independent consultants. It is for those of you who are looking for new job, contract, or consulting opportunities. It is also for those of you who are frustrated in your current job.I’ll discuss how to accelerate your job search using LinkedIn, Twitter and other social media.
  • Recommended Reading:Harvard Business Review April 2004The Ambidextrous Organizationby Charles A. O’Reilly III and Michael L. TushmanThe Roman god Janus had two sets of eyes—one pair focusing on what lay behind, the other on what lay ahead. General managers and corporate executives should be able to relate. They, too, must constantly look backward, attending to the products and processes of the past, while also gazing forward, preparing for the innovations that will define the future.
  • In their March 19, 2012 issue, FORTUNE magazine named the 50 most admired companies overall. FORTUNE's survey asked businesspeople to vote for the most innovative companies, from any industry.Results showed that each of the top 10 most innovative companies are ranked #1 or #2 within their own respective industrial segments.The Kellogg study concludes that high-performance firms have a clearly-defined process for product launch, escalations, and need identification.
  • Project Management is an organizational function within a company dealing with planning, organizing, securing and managing resourcesthroughout all stages of a project. It applies processes and knowledge over time. It also aligns cross-functional teams to complete projects on time and under budget.
  • Product Management is the organizational function within a company dealing with the thoughtful and proactive management of a product or group of products (product portfolio) throughout all stages of the product lifecycle. It is process that aligns internal cross-functional teams for conceiving, planning, developing, testing, launching, selling, and withdrawing products in the market.
  • Inception – Gather ideas. Gathering market information about industry, market segments, value and supply chain.Incubation – Capture insights.Introduction – Validation, Verification, & ConfirmationIntegrate to the product management & marketing process.
  • Here we show AIPMM’s Product Management Framework. It depicts the typical phases for products throughout their life cycle from cradle to grave.
  • Inception – Gather ideas. Gathering market information about industry, market segments, value and supply chain.Incubation – Capture insights.Introduction – Validation, Verification, & ConfirmationIntegrate to the product management & marketing process.
  • Here we show AIPMM’s Product Management Framework. It depicts the typical phases for products throughout their life cycle from cradle to grave.
  • Here we show AIPMM’s Product Management Framework. It depicts the typical phases for products throughout their life cycle from cradle to grave.
  • Here we show AIPMM’s Product Management Framework. It depicts the typical phases for products throughout their life cycle from cradle to grave.
  • Here we show AIPMM’s Product Management Framework. It depicts the typical phases for products throughout their life cycle from cradle to grave.
  • Here we show AIPMM’s Product Management Framework. It depicts the typical phases for products throughout their life cycle from cradle to grave.
  • Contact me for any of the following:Obtain information about upcoming certification courses in your area.Let me know how I can help your business grow by defining and implementing the right product strategy.Obtain the answer worksheet.Obtain copies of these slides.

Transcript

  • 1. AIPMM Webinar Series www.aipmm.com© AIPMM 2013 @AIPMM www.aipmm.com
  • 2. © AIPMM 2013 @AIPMM www.aipmm.com
  • 3. Founded 1998 Largest Product Management professional group Provides professional development and certification • Certified Product Manager • Certified Product Marketing Manager • Agile Certified Product Manager • Certified Innovation Leader© AIPMM 2013 @AIPMM www.aipmm.com
  • 4. Today’s Speakers Moderator: Cindy F. Solomon, CPM, CPMM Founder, Global Product Management Talk Producer, Startup Product Summit http://startupproduct.com @cindyfsolomon @ProdMgmtTalk @startupproduct Presenter: Hector Del Castillo, PMP, CPM, CPMM http://www.linkedin.com/in/hectordelcastillo @hmdelcastillo© AIPMM 2013 @AIPMM www.aipmm.com
  • 5. Tweet! Hector: @hmdelcastillo AIPMM: @AIPMM ProdMgmtTalk: @ProdMgmtTalk Hashtag #prodmgmt© AIPMM 2013 @AIPMM www.aipmm.com
  • 6. FEATURED PRESENTATION© AIPMM 2013 @AIPMM www.aipmm.com
  • 7. Hector Del Castillo • Senior consultant with over 15 years of experience transforming products to profit for technology-based companies • AIPMM Body of Knowledge (ProdBOK®) Contributor • Established companies – Jet Propulsion Laboratory, Lucent Technologies, MEI Technologies • Small companies and startups – Nextone Communications, Smith Micro Software • Launched 27+ Products for global deployment – HW/SW, Telecom, Enterprise Mobility, Information Security Services, Professional Development • Certified PMP®, CPM® and CPMM® • University of California at Santa Barbara, MS EE • University of Texas at El Paso, MS EE, BS EE© AIPMM 2013 @AIPMM www.aipmm.com
  • 8. What We Will Discuss 1. Common challenges 2. Common responsibilities 3. Key differences 4. Framework comparison 5. Key takeaways© AIPMM 2013 @AIPMM www.aipmm.com
  • 9. Common Challenges • Few people understand the role • Roles and responsibilities can be very unclear – Get drawn into too much tactical coordination • Lack the authority to carry out their responsibilities – Little influence on corporate branding, channel selection, or advertising Source: Rajesh K. Tyagi, Mohanbir S. Sawhney, “High-Performance Product Management: The Impact of Structure, Process, Competencies, and Role Definition,” Journal of Product Innovation Management, Vol. 27, Issue 1, January 2010© AIPMM 2013 @AIPMM www.aipmm.com
  • 10. Both roles align activities performed by cross-functional teams with strategic objectives.© AIPMM 2013 @AIPMM www.aipmm.com
  • 11. Both roles require strong influential and collaborative skills to guide critical decisions.© AIPMM 2013 @AIPMM www.aipmm.com
  • 12. Both roles orchestrate key activities and manage key deliverables.© AIPMM 2013 @AIPMM www.aipmm.com
  • 13. Fortune’s Most Admired Companies Rank Company Industry Industry Rank 1 Apple 1 Computers 2 Google 1 Internet Services & Retailing 3 Amazon.com 2 Internet Services & Retailing 4 Coca-Cola 1 Beverages 5 IBM 1 IT Services 6 FedEx 1 Delivery 7 Berkshire Hathaway 1 Property & Casualty 8 Starbucks 2 Food Services 9 Procter & Gamble 1 Soaps & Cosmetics 10 Southwest Airlines 1 Airlines Source: Fortune Magazine, Mar 19, 2012© AIPMM 2013 @AIPMM www.aipmm.com
  • 14. What is Project Management? • Organizational function of planning, 1 organizing, securing and managing resources 2 • Applies processes and knowledge over time 3 • Aligns cross-functional teams to complete projects© AIPMM 2013 @AIPMM www.aipmm.com
  • 15. What is the most important task for a Project Manager? A. Maximize revenue. B. Lead product development activities. C. Reduce development cost. D. Maximize profit. E. Deliver high quality.© AIPMM 2013 @AIPMM www.aipmm.com
  • 16. What is Product Management? 1 • Organizational function throughout product lifecycle 2 • Proactive planning of products • Aligns cross-functional teams to 3 create and support a product© AIPMM 2013 @AIPMM www.aipmm.com
  • 17. What is the most important task for a Product Manager? A. Maximize revenue. B. Lead product development activities. C. Reduce development cost. D. Maximize profit. E. Deliver high quality.© AIPMM 2013 @AIPMM www.aipmm.com
  • 18. ROLES & RESPONSIBILITIES© AIPMM 2013 @AIPMM www.aipmm.com
  • 19. Project Management triple constraint focuses on maximizing quality. Scope Quality Cost Schedule© AIPMM 2013 @AIPMM www.aipmm.com
  • 20. Source: H. Del Castillo, AIPMM, © 1998-2013, All Rights Reserved. Product Management triple constraint focuses on maximizing value. Customer Product (Value) Business Market© AIPMM 2013 @AIPMM www.aipmm.com
  • 21. Work Environment Externally Focused Functional Tactical Strategic Manager Internally Focused© AIPMM 2013 @AIPMM www.aipmm.com
  • 22. Both roles get drawn into tacticalactivities. Externally Focused Functional Tactical Manager Strategic Internally Focused© AIPMM 2013 @AIPMM www.aipmm.com
  • 23. Both roles need to stay focused onstrategic objectives. Externally Focused Functional Tactical Manager Strategic Internally Focused© AIPMM 2013 @AIPMM www.aipmm.com
  • 24. Project Managers are mostly internallyfocused. Externally Focused Functional Tactical Strategic Manager Internally Focused© AIPMM 2013 @AIPMM www.aipmm.com
  • 25. Product Managers are mostly externallyfocused. Externally Focused Functional Tactical Strategic Manager Internally Focused© AIPMM 2013 @AIPMM www.aipmm.com
  • 26. Both roles bring different perspectives. Project Management Product Management Source: S.T.O.P. The Project Management Survival Plan© by Source: Take Charge Product Management© by Greg Steven Starke. All rights reserved. Geracie. All rights reserved.© AIPMM 2013 @AIPMM www.aipmm.com
  • 27. Project Managers guide key decisions to maximize quality and minimize risk.© AIPMM 2013 @AIPMM www.aipmm.com
  • 28. Product Managers guide key decisions to maximize value and create new revenue streams.© AIPMM 2013 @AIPMM www.aipmm.com
  • 29. FRAMEWORK COMPARISON© AIPMM 2013 @AIPMM www.aipmm.com
  • 30. Typical Project Life Cycle Source: PMI PMBOK v5 These are stages that projects go through from initiation to closing© AIPMM 2013 @AIPMM www.aipmm.com
  • 31. Project Management Framework Monitor/ Initiate Plan Execute Close Control Integrate Scope Knowledge Areas Time Cost Source: PMI PMBOK v5 Quality HR Communicate Risk Procure© AIPMM 2013 @AIPMM www.aipmm.com
  • 32. Typical Product Life Cycle These are stages that products go through from introduction to withdrawal from the market© AIPMM 2013 @AIPMM www.aipmm.com
  • 33. Seven Phase Product Life Cycle Source: AIPMM ProdBOK, © 1998-2012, All Rights Reserved.© AIPMM 2013 @AIPMM www.aipmm.com
  • 34. Product Management Framework Conceive Plan Develop Qualify Launch Deliver Retire Organization Knowledge Areas Market Business Customer Product Source: AIPMM ProdBOK, © 1998-2012, All Rights Reserved.© AIPMM 2013 @AIPMM www.aipmm.com
  • 35. Framework Comparison Product Management Conceive Plan Develop Qualify Launch Deliver Retire Project Management Monitor/ Initiate Plan Execute Close Control© AIPMM 2013 @AIPMM www.aipmm.com
  • 36. Framework Integration Initiate Plan Execute Monitor Close Source: AIPMM ProdBOK, © 1998-2013, All Rights Reserved.© AIPMM 2013 @AIPMM www.aipmm.com
  • 37. Framework Integration Initiate Plan Execute Monitor Close Source: AIPMM ProdBOK, © 1998-2013, All Rights Reserved.© AIPMM 2013 @AIPMM www.aipmm.com
  • 38. Framework Integration Source: AIPMM ProdBOK, © 1998-2011, All Rights Reserved.© AIPMM 2013 @AIPMM www.aipmm.com
  • 39. Framework Integration Initiate Plan Execute Monitor Close Source: AIPMM ProdBOK, © 1998-2013, All Rights Reserved.© AIPMM 2013 @AIPMM www.aipmm.com
  • 40. Framework Integration Initiate Plan Execute Monitor Close Source: AIPMM ProdBOK, © 1998-2013, All Rights Reserved.© AIPMM 2013 @AIPMM www.aipmm.com
  • 41. Comparison of Key Deliverables Project Management Product Management • Project Knowledge Base • Product Knowledge Base • Project Portfolio Analysis • Competitive Analysis • Project Charter • Product Portfolio Analysis • Project Management Plan • Market Strategy Plan • Work Breakdown Structure • Market Requirements Document • Earned Value Analysis • Product Requirements Document • Feasibility Study • Product Business Case • Communications Plan • Product Roadmap • Procurement Plan • Technology Roadmap • Quality Assurance Plan • Beta Plan • Risk Management Plan • Launch Plan • Status Reports • Marketing Plan • Lessons Learned • End Of Life Plan© AIPMM 2013 @AIPMM www.aipmm.com
  • 42. Key Takeaways 1 • Both roles guide key activities and decisions 2 • Both roles impact profit and loss 3 • Project Managers minimize loss and risk 4 • Product Managers maximize value and profit 5 • Both roles collaborate to deliver quality & value© AIPMM 2013 @AIPMM www.aipmm.com
  • 43. Upcoming Courses Course & Location Dates Days Time ACPM® Certification Prep Course & Exam McLean, VA Feb 25, 2013 M 8:30 am – 5 pm Seattle, WA Mar 11, 2013 CPM® Certification Prep Course & Exam McLean, VA Feb 26-27, 2013 T, W 8:30 am – 5 pm Seattle, WA Mar 12-13, 2013 CPMM® Certification Prep Course & Exam McLean, VA Feb 28-Mar 1, 2013 Th, F 8:30 am – 5 pm Seattle, WA Mar 14-15, 2013 CIL® Certification Prep Course & Exam McLean, VA May 22-23, 2013 W, Th 8:30 am – 5 pm© AIPMM 2013 @AIPMM www.aipmm.com
  • 44. For More Information About • AIPMM membership benefits • Certification courses in your area • How to prepare to take a certification exam • Defining the right product strategy & process to grow your business • Aligning your business model with your product strategy© AIPMM 2013 @AIPMM www.aipmm.com
  • 45. Hector Del Castillo, PMP, CPM, CPMM Transforming products to profit for technology-based organizations.TM Product Marketing Director Connect: linkd.in/hdelcastillo Follow: @hmdelcastillo Contact: hmdelcastillo@aipmm.com© AIPMM 2013 @AIPMM www.aipmm.com
  • 46. Please Join Us Again! AIPMM Webinar Series: Friday Feb 22 Pricing For A More Profitable Product Portfolio http://aipmm.com/aipmm_webinars/ Global Product Management Talk: Monday Feb 25 Lean Product Development Methodologies with Poornima Vijayashanker, Founder Of BizeeBee And Femgineer http://www.blogtalkradio.com/prodmgmttalk Stay Informed! Newsletter: http://www.aipmm.com/subscribe LinkedIn: http://www.linkedin.com/company/aipmm Membership: http://www.aipmm.com/join.php Certification: http://aipmm.com/html/certification/© AIPMM 2013 @AIPMM www.aipmm.com