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Product Management vs Product Management

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Product Management vs Product Management

  1. 1. Product Management vs Project Management October 17th, 2020
  2. 2. Objectives - Product Mgt vs Project Mgt - A day in the life of a Product Management - Why is Product Management awesome?
  3. 3. Adeola Conde  Digital Payment Expert with experience in IT and Product management  Career Space & Privileges- Financial industry building products and features in collaboration with cross- functional units, Education, FMCG, FinTech, third- party processors and card-schemes.  Lead for Acceptance & Acquirer Management in Access Bank  Life now - Enjoying my status as a WFH Mom of two hyper boys
  4. 4. Product Management vs Project Management
  5. 5. Product First, lets understand the difference between the base words…… Project • No set timeframe • More permanent, long-term project team • Continuous development • Vision • It is guided by a Program • Time-bound (beginning and end date) • Temporary, short-term project team • One-off delivery • Set plan • It is a subset of a Program A program is a group of projects that are similar or related to one another, and which are often managed and coordinated as a group instead of independently
  6. 6. Product Management is function of management that follows a specific product throughout its entire life cycle
  7. 7. Project Management is an organizational function that follows a specific from its initiation to completion "It is the act of putting a product plan into action, monitor its progress and make sure it succeeds delivery"
  8. 8. Agile Project Management is an approach based on delivering requirements iteratively and incrementally throughout a product life cycle.
  9. 9. What is does a Product Manager and Project Manager share in common ? A. The same initials – PM
  10. 10. • Identifying Opportunities — by understanding the market, overseeing the products already in the market and researching into user’s needs and challenges • Defining the Product — by deciding features to be present in each release based on market, target users, and impact of each features on different user groups. • Guiding the development team - with documented user requirements, user stories and prioritizing features based on effort and impact • Scaling the product — by defining Go to Market Strategies, understanding the user interactions, experimenting and focusing on what’s working and leaving out what’s not, deriving and using market • Product Strategy — managing road-map as a function of market, keep product goals aligned with company’s goals and detailing the specific steps that need to be taken by the product team • Product Performance - in charge of monitoring the product’s progress and continuous development with market research and promotion. Let’s check out the responsibilities of the Product Manager ……
  11. 11. • Breaking down strategic plan into actionable, task-orientated initiatives • Leading project planning sessions and coordinating staff and internal resources • Optimizing and improving processes and the overall approach where necessary • Managing large and diverse teams including relationships with clients and stakeholders • Designing risk mitigation plan, conducting project review and creating detailed reports for executive staff • Oversee the entire delivery of a project and ensure it’s completed within a defined timeframe, budgets and resources. • The project manager's job is concluded once the defined task is completed and delivered to the product team Let’s check out the responsibilities of the Project Manager ……
  12. 12. Skills of an Effective Manager Product Manager • Technical • Creative • Business • Marketing • Design • Consumer science • Communication • Delegator • Leadership • Management • Strategic thinking • Results-oriented • Culture • Business maturity • Domain expertise • The Power of No Project Manager • Technical • Leadership • Motivation • Communication • Organization • Prioritization • Problem-solving • Adaptability Product Owner • Technical • Communication • Problem-solving • Domain expertise • Delegator • Storyteller • Adaptability/Agile – “we move” • The Power of No
  13. 13. GOOD NEWS!!! You don’t have to learn all the skills overnight. They develop over time
  14. 14. What “W” questions does a Product Manager ask? A. The WHAT B. The WHY C. The WHO The “W” questions asked What “W” questions does a Project Manager ask? A. The WHO B. The HOW C. The WHEN What “W” questions does a Product Owner ask? A. The WHY B. The HOW
  15. 15. A day in the life of a Product Manager
  16. 16. “In theory, the Product Manager’s job is a one-person job. In practice, overseeing the development of a larger, complex product is a shared effort”. - Amit Ashwini
  17. 17. Every day is Dynamic 1. Discovery 2. Planning 3. Execution 4. Growth
  18. 18. Review lots of data and feedback 1. Customer advocate 2. Day-to-day decision maker 3. Communicator with the business and other cross functional teams
  19. 19. Review lots of data and feedback 1. Data Analytics is the new currency 2. Monitoring activity is not the same as a review 3. Understanding the correlation between the data trend and customer feedback
  20. 20. PMs sit/stand and think 1. A wider view of the product landscape based on the analysis of all diverse views and data 2. Define the minimum that needs to be delivered in order to receive value 3. Our favorite part of the day as problem- solvers
  21. 21. Always Coaching Others 1. Vantage point of defining the culture of product building 2. Master the art of an articulated “Shalaye” = process + value 3. This earns you the Power to Say No
  22. 22. Conclusion 1. The day is rarely dull , it’s a little bit of each area in every day 2. PMs don’t get praised very often 3. But when the wrong note is hit, YOU are the one that everyone looks to
  23. 23. What is project management?? A. A function that follows a product from its conception to its termination B. A function that follows the customer's response to the product C. A function that follows all tasks associated with a product D. A function that follows a specific task from the time it starts until it is finished.
  24. 24. What is Product Management ? A. A function that follows a project from the time it starts until it is finished. B. A function that follows a product from the time it becomes an idea until it is no longer offered C. A function that follows a product after it hits the market D. A function that follows a product after it is terminated.
  25. 25. Why is Product Management awesome?
  26. 26. Thank You

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