Portfolio, program, project and product management disciplines are becoming increasingly interlinked specifically on projects that deliver products. As a Project Manager (on projects that deliver products or component of a product) it is thus critical to have an understanding of Product Management to be able to gain project context. A product is an artifact that is produced, is quantifiable, and can be either an end item itself or a component item.
Product life cycle is a series of phases that represents the evolution of a product, from introduction through growth, maturity and to retirement. The initial product itself may begin as a deliverable of a program or a project. Product Management can then initiate programs or projects at any point in the product life cycle. These programs or projects create or enhance specific components, attributes or capabilities adding value for customers and sponsors.
A program may encompass the full life cycle of a product. In fact the following are the examples of Program, Project and Product management relationships,
- Program Management within a product life cycle
- Project Management within a product life cycle
- Product Management within a program
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