Today, we are talking about the differences between Project and Product management. Keep reading to know the skillset and salaries of Project Managers vs Product Managers. On our channel, we share thoughts on recent developments in the tech industry, follow us not to miss new articles.
What is Project Management?
A project refers to a task aimed at achieving a specific goal or a set of objectives. Since projects are multifaceted activities involving so many moving parts, a control system must be in place to get the tasks.
This system of managing projects is called project management and the person in charge of it is a project manager.
Their salary expectations
In general, product managers are paid more than project managers due to the sheer volume of duties they perform.
A product manager’s average payroll is around 110.000$ annually while a project manager’s average annual salary is 70.000$. However, you should know that figures vary based on the country, experience level, and the company’s financial capability. As we can see in these examples, companies of 5000 plus employees offer a higher salary.
Responsibilities
Product Manager Responsibilities
Product managers serve as liaisons between the product team and the rest of the company. Therefore the product manager’s responsibilities include:
- Market research
- Idea creation
- Creating and maintaining a product roadmap
- Developing strategy and setting product vision and
- Communicating with teams, stakeholders, and users.
Project Manager Responsibilities
A Project Manager’s role is to ensure that their team achieves a specific goal aimed at developing a product or service. So, the responsibilities of a project manager include:
- Budget allocation
- Team organization
- Tasks planning
- Periodic progress updates and
- Conflict resolution.
Skillset
We at EZtek believe that both Project and Product Manager positions require perfect leadership skills, top-notch organizational skills and outstanding research skills. However, there are specific skills required for each position.
Product Manager skills
- Excellent communication skill
- Ability to introduce innovations
- Excellent marketing skills.
Project Manager skills
- Industry savvy skills
- Time management skills and
- Strong goal orientation.
Is there any overlap between Product and Project Managers?
As the line blurs when it comes to the Product and Project Manager tasks. Noticeable points of overlap start to appear directly during the management process. Among overlapping aspects of product and project manager roles are:
- Time, budget and team management
- Customer relation: as both are conversant with customer needs and concerns.
- Sales and marketing: the product manager needs to communicate their ideas to the marketing team to kickstart campaigns. Also both product manager and project manager need to understand the main selling points and factor them into the development process.
- Product improvement: As both need to understand the rapidly changing economic landscape to adjust their strategies.
- Implementation of ideas: should be the product or project manager’s forte. This skill helps them to research and allocate resources to achieve the primary objective.
This article was prepared by the EZtek team. Eztek helps top brands worldwide to innovate and accelerate digital transformation. We provide world-class enterprise software engineering, design and technology consulting services.
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