Project management is a set of well-established working practices that enable experts from many fields to plan their work in an efficient, timely, and cost-effective manner. Project managers have a specific background that qualifies them to solve specific problems. Projects contain clearly defined goals, as well as a detailed description of deadlines, tools, teams, and any other requirements. Project-specific metrics are used to assess their success or failure. It's critical that project managers are aware of potential risks, maintain rigorous scheduling, and keep a close eye on costs.
While not entirely new, product management adapts to the demands of the digital revolution. With respect to product features, its collection of working techniques is continually changing. Product managers come from a variety of backgrounds, and they must be able to adapt to a variety of situations. Similarly, there are no "fixed targets": PMs are in charge of the product or feature from start to finish. As a result, objectives, deadlines, tools, teams, and requirements may evolve over time. The success or failure of a product or corporation is entirely dependent on its objectives. Finally, product managers must possess all of the qualities of project managers, with the addition of flexibility and cross-team collaboration.
Of course, there are project managers that are adaptable and Product Managers who are quite technical. What matters here, though, is that you pay attention to the details. First and foremost, one group is clearly more transferrable than the other: project management occurs in all industries. As a result, it is more adaptable. Any organisation (from the government to a small corporation) that wants to meet a set of objectives while keeping track of costs, time, and individuals involved will use some form of project management.
Product managers, on the other hand, will only be successful in an environment where "products" are at the forefront. What exactly does this imply? This type of thinking, on the other hand, is more concerned with the user or customer experience: how it satisfies a certain need or completes a task. This has a lot of implications.
First and foremost, there is a focus on truly comprehending the market. Product people must become advocates for potential users through research. They represent the "empty chair" in internal meetings with other teams: the customer. Of course, this isn't a wishy-washy exercise; it must be grounded in fact.
Second, this exemplifies product management's "visionary nature": practitioners are expected to create a product vision. This is not the same as them being "visionaries." Only a few product geniuses exist. The Product Manager, however, is the plan's or roadmap's most important advocate once it has been agreed upon. This is why these people are usually excellent public speakers and persuaders in general.
Third, the product manager is expected to traverse across the company's capabilities and functions. This generalist approach is reflected in the idea that they are "CEOs of the product." Unlike project managers, who are typically tied to a single discipline, product managers are continuously open to new disciplines due to their requirement to command internal stakeholders. As a result, marketers, salesmen, designers, engineers, and others will become accustomed to having a PM on hand. This is due to the fact that in a product, you must work as part of a team. It depends on the project you're working on.
Overall, all product people manage projects, and the majority of project managers manage products. Although the variations are little, they are substantial. This is why, before making the shift, it's a good idea to do some research. Seek out events where you can chat with seasoned PMs, learn from their mistakes, and create a compelling case for yourself to make it into a product.