Differences Between Project and Product Management - H. Del Castillo, AIPMM - USAA Meeting
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I want to thank everyone who attended this Lunch & Learn Meeting at USAA in San Antonio, TX. Favorite this presentation if you like it. I welcome your comments regarding this topic. Overview 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. A common challenge is that the two roles often appear to be at odds with each other. A product manager may want to add a lot of features to meet customer needs, but the project manager may want to limit the scope so that the project is delivered on time and under budget. Often traditional definitions mischaracterize the project manager as singularly focused on getting a specific product release finished on time and under budget without any concern as to whether it meets the needs of the market or customers. A comparison of the Product Management Body of Knowledge (ProdBOK®) and the PMBOK® will be presented. We will discuss the similarities and major differences in the two roles and how they work together within companies that consistently transform product innovation to profit. About Hector Del Castillo Hector helps product executives and leaders turn ideas into valuable products. He has launched 30+ profitable products so far. Hector is a product executive with over 20 years of experience working with digital companies with world-class offerings. Mid-market product executives and leaders come to Hector when they need help to spark creativity and innovation within product teams. He helps digital company executives and leaders substantially transform and grow their companies, resulting in over 26% increase in product profitability. If you are looking for an engaging and inspiring speaker to spark creativity and innovation within your organization, set up an appointment to discuss your specific needs and identify a suitable topic to inspire your audience at your next corporate conference, symposium, executive summit, or planning retreat. Connect: linkd.in/hdelcastillo
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Differences Between Project and Product Management - H. Del Castillo, AIPMM - USAA Meeting
- 1. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Hector Del Castillo linkd.in/hdelcastillo
- 2. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo I want to thank everyone who attended this Lunch & Learn meeting. I welcome your feedback regarding this topic. Contact me with any comments or questions. I look forward to seeing you again soon.
- 3. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Hector: @hmdelcastillo AIPMM: @AIPMM Tweet!
- 4. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo The Hub Of All Things Product Management
- 5. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Community Subject Matter Experts & Like-Minded Peers to ask questions Certification Certification can help to improve both organizational performance and individual career aspirations as part of a managed skills development approach. Connections Connecting our members through multiple social media networks extends our reach Content Hundreds of practical templates, examples, and information The Hub Of All Things Product Management
- 6. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Community Subject Matter Experts & Like-Minded Peers to ask questions Certification Certification can help to improve both organizational performance and individual career aspirations as part of a managed skills development approach. Connections Connecting our members through multiple social media networks extends our reach Content Hundreds of practical templates, examples, and information The Hub Of All Things Product Management
- 7. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Community Subject Matter Experts & Like-Minded Peers to ask questions Certification Certification can help to improve both organizational performance and individual career aspirations as part of a managed skills development approach. Connections Connecting our members through multiple social media networks extends our reach Content Hundreds of practical templates, examples, and information The Hub Of All Things Product Management
- 8. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Community Subject Matter Experts & Like-Minded Peers to ask questions Certification Certification can help to improve both organizational performance and individual career aspirations as part of a managed skills development approach. Connections Connecting our members through multiple social media networks extends our reach Content Hundreds of practical templates, examples, and information The Hub Of All Things Product Management
- 9. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo AIPMM Certifications AIPMM offers globally recognized certifications: • Certified Product Manager (CPM®) • Certified Product Marketing Manager (CPMM®) • Agile Certified Product Manager (ACPM®) • Certified Innovation Leader (CIL®) • Certified Brand Manager (CBM®)
- 10. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo 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 30+ 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 10
- 11. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo FEATURED PRESENTATION
- 12. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Before We Begin Slides: http://slidesha.re/YcvsuM Handout: http://slidesha.re/11ChCB1
- 13. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo What We Will Discuss 1. Common challenges 2. Common responsibilities 3. Key differences 4. Framework comparison 5. Key takeaways
- 14. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo 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 14
- 15. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Both roles align activities performed by cross-functional teams with strategic objectives.
- 16. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Both roles require strong influential and collaborative skills to guide critical decisions.
- 17. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Both roles orchestrate key activities and manage key deliverables.
- 18. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Fortune’s Most Admired Companies Rank Company Industry Rank Industry 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
- 19. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo What is Project Management? • Organizational function of planning, organizing, securing and managing resources 1 • Applies processes and knowledge over time2 • Aligns cross-functional teams to complete projects3
- 20. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo 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.
- 21. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo What is Product Management? •Organizational function throughout product lifecycle1 • Proactive planning of products2 • Aligns cross-functional teams to create and support a product3
- 22. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo 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.
- 23. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo ROLES & RESPONSIBILITIES
- 24. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Project Management triple constraint focuses on maximizing quality. Scope Cost Quality Schedule
- 25. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Customer Business Product (Value) Market Product Management triple constraint focuses on maximizing value. Source:H.DelCastillo,AIPMM,©1998-2013,AllRightsReserved.
- 26. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Quality ≠ Value
- 27. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Value = f(Quality,…)
- 28. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Tactical Internally Focused Functional Manager Strategic Externally Focused Work Environment
- 29. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Tactical Internally Focused Functional Manager Strategic Externally Focused Both roles get drawn into tactical activities.
- 30. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Tactical Internally Focused Functional Manager Strategic Externally Focused Both roles need to stay focused on strategic objectives.
- 31. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Tactical Internally Focused Functional Manager Strategic Externally Focused Project Managers are mostly internally focused.
- 32. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Tactical Internally Focused Functional Manager Strategic Externally Focused Product Managers are mostly externally focused.
- 33. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Project Management Product Management Source: “Take Charge Product Management” by Greg Geracie Source: “S.T.O.P. The Project Management Survival Plan” by Steven Starke Both roles bring different perspectives.
- 34. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Project Managers guide key decisions to maximize quality and minimize risk.
- 35. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Product Managers guide key decisions to maximize value and create new revenue streams.
- 36. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo FRAMEWORK COMPARISON
- 37. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Typical Project Life Cycle These are stages that projects go through from initiation to closing
- 38. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Project Management Framework Source:PMIPMBOKv4 Initiate Plan Execute Monitor/ Control Close KnowledgeAreas Integrate Scope Time Cost Quality HR Communicate Risk Procure
- 39. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Typical Product Life Cycle These are stages that products go through from introduction to withdrawal from the market
- 40. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Source: © 1998-2013, AIPMM, All Rights Reserved. GatePhase Seven Phase Product Life Cycle
- 41. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Product Management Framework KnowledgeAreas Organization Market Business Customer Product Source: AIPMM ProdBOK, © 1998-2011, All Rights Reserved. Conceive Plan Develop Qualify Launch Deliver Retire
- 42. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Framework Comparison Project Management Product Management Initiate Plan Execute Monitor/ Control Close Conceive Plan Develop Qualify Launch Deliver Retire
- 43. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Framework Integration Source: AIPMM ProdBOK, © 1998-2013, All Rights Reserved. Initiate Plan Execute Monitor Close
- 44. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Framework Integration Initiate Plan Execute Monitor Close Source: AIPMM ProdBOK, © 1998-2013, All Rights Reserved.
- 45. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Framework Integration Initiate Plan Execute Monitor Close Source: AIPMM ProdBOK, © 1998-2013, All Rights Reserved.
- 46. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Framework Integration Initiate Plan Execute Monitor Close Source: AIPMM ProdBOK, © 1998-2013, All Rights Reserved.
- 47. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Framework Integration Initiate Plan Execute Monitor Close Source: AIPMM ProdBOK, © 1998-2013, All Rights Reserved.
- 48. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Framework Integration Plan Develop Test Evaluate Plan Develop Test Evaluate Plan Develop Test Evaluate Source: © 2011-2013, H. Del Castillo, AIPMM, All Rights Reserved.
- 49. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Framework Integration Plan Develop Test Evaluate Source: © 1998-2013, H. Del Castillo, AIPMM, All Rights Reserved.
- 50. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Comparison of Key Deliverables Project Management Product Management • Project Knowledge Base • Project Portfolio Analysis • Project Charter • Project Management Plan • Work Breakdown Structure • Earned Value Analysis • Feasibility Study • Communications Plan • Procurement Plan • Quality Assurance Plan • Risk Management Plan • Status Reports • Lessons Learned • Product Knowledge Base • Competitive Analysis • Product Portfolio Analysis • Market Strategy Plan • Market Requirements Document • Product Requirements Document • Product Business Case • Product Roadmap • Technology Roadmap • Beta Plan • Launch Plan • Marketing Plan • End Of Life Plan
- 51. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Key Takeaways • Both roles guide key activities and decisions1 • Both roles impact profit and loss2 • Project Managers minimize loss and risk3 • Product Managers maximize value and profit4 • Both roles collaborate to deliver quality & value5
- 52. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Hector Del Castillo CPM, CPMM, PMP linkd.in/hdelcastillo @hmdelcastillo hmdelcastillo@aipmm.com
- 53. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Upcoming Courses Course & Location Dates Days Time ACPM® Certification Prep Course & Exam McLean, VA May 13, 2013 M 8:30 am – 5 pm CPM® Certification Prep Course & Exam McLean, VA May 14-15, 2013 T, W 8:30 am – 5 pm CPMM® Certification Prep Course & Exam McLean, VA May 16-17, 2013 Th, F 8:30 am – 5 pm Register for these courses here: http://bit.ly/Y9val2. Additional courses are available in Austin, San Jose, and Seattle.
- 54. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Upcoming Courses Course & Location Dates Time CIL® Certification Prep Course & Exam Kuala Lumpur, Malaysia Jun 5-6, 2013 9 am – 6 pm CPM® Certification Prep Course & Exam Amman, Jordan Singapore Kuala Lumpur, Malaysia May 6-7, 2013 May 27-29, 2013 Jun 3-4, 2013 8 am – 5 pm 8 am – 5 pm 9 am – 6 pm CPMM® Certification Prep Course & Exam Amman, Jordan Singapore May 8-9, 2013 May 30-Jun 1, 2013 8 am – 5 pm 8 am – 5 pm Follow the links provided to get more information regarding these courses.
- 55. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Please Join Us Again! AIPMM Webinar Series: Making Smarter Decisions About Your Products, May 3, 12 p.m. ET Building and Growing an Amazing Product Management Team, May 10, 12 p.m. ET http://aipmm.com/aipmm_webinars/ Global Product Management Talk: 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/
- 56. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo For More Information About • AIPMM membership benefits • Certification courses in your area • How to prepare to take a certification exam • Strengthening your product portfolio to delight your customers, increase value and minimize risk
- 57. © H. Del Castillo, AIPMM 2013 Linkd.in/hdelcastillo Hector Del Castillo CPM, CPMM, PMP linkd.in/hdelcastillo @hmdelcastillo hmdelcastillo@aipmm.com
Editor's Notes
- With members in 65 countries, the AIPMM is the worldwide certifying body of product team professionals. The only organization that addresses the entire product lifecycle (inception to obsolescence) throughout any industryPresently has offerings in North America, Europe, Middle East, Australia and Southeast Asia. Membership benefits include eligibility for the Certification Programs, discounts to AIPMM conferences, and access to the Career Center, peer Forums, tools, templates and publications.
- AIPMM offers globally recognized certifications for product managers, product marketing managers and brand managers.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.
- 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.
- 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.