Summary
A product manager is the chief in charge of developing a product, working with timelines and communicating with the shareholders. A project manager is in charge of managing and cordinating projects. While a program manager coordinates multiple projects activities without being directly in charge. In this article, you’ll learn key differences between the three PMs. Now, you can easily decide which role is best for you.
It is easy to be easily confused about the three PMs-product manager, project manager, and program manager and their roles. I was at first! While similar, the three PMs occupy distinct offices and take on different unique tasks.
For the sake of emphasis, we’ll define what a product, project and program mean so you can accurately fit them into the description of each role.
What’s the difference between a product, a project and a program?
Let’s explore the distinctions between a product vs a program vs. a project:
- A product is a physical or digital good that fulfils the demands of a target market. The product can range from applications, and software to accessories even services such as coaching. Every single product in the market goes through several cycles. Starting with product development, market research, testing and product launch. Products may not have a defined beginning or end phase.
- A project, however, is a set of endeavours that aims to achieve an outcome which can be anything from a home renovation to consolidating office space.
- The goal of a program is to tie together related work. Program management maximises available resources and expenses
Now, you know the key differences between products, programs vs. projects.
What is a product manager?
Product managers function as both coaches and drivers towards the success of a product. This involves communicating with customers, shareholders and their teams. The relationship of the PM with the customers involves understanding their pain points, defining answers, and prioritizing the tasks to handle depending on the value the customer seeks to enjoy.
The responsibilities of a Product manager involve carrying out market research, making decisions based on the available data and handling communication with stakeholders.
Product management is rated one of the best jobs with an average annual salary of $127,965 USD.
What is a project manager?
Project managers are in charge of executing and completing projects across different industries with their expertise. This includes From mobile apps, web development and the architecture of international cities.
Every project managed and coordinated by a project manager has a definite timeline, stakeholders, resources and scope for fulfilling the demands of such a project.
While the product manager defines the what and why of a product, the project manager defines the how and when of the project.
It is important to mention here that product managers regularly walk in the shoes of a project manager while working with their teams.
The average annual salary of a project manager is $84,992 USD.
What is a program manager?
A program manager decides the when of a project. They are often skilled project managers who oversee several projects with operational efficacy, cross-functional communication with the stakeholders, and delivering assistance to the project managers that they work with.
The PMI has a specific designation for this role known as a Program Management Professional (PgMP).
The average annual salary for a program manager is $99,548 USD.
Can Product, project and program managers work together?
Yes! Several companies and industries hire two or more of these PMs to work together on a project. When working on a product or project, everyone is expected to be up and ding, all hands on deck to maximize resources and achieve better results within a defined timeline.