Product management

Project management and product management in the context of the BVOP are related and overlapped subjects and activities. 

The term “project” refers to all activities and resources that are needed for creating, implementing, or supplying a specific product or multiple products. The “product” is a material, virtual, or any other beneficial outcome that is used by an audience, or parties who may benefit from it in any way.

The product life cycle and the project life cycle may share common timeframes, resources, and goals. The development of a product may be bound to the project cost, time, resources, and quality variables. Delivery of a project in this context may mean that a product is being developed.

For successful project management, a tight connection and participation between product management and product development may be required.

The Business Value-Oriented Project Management (BVOPM) office needs to understand all activities of the Business Value-Oriented Product Management (BVOPDM) office and to have in-depth knowledge of product management. Additional competencies are required for adequate decision making, supporting, optimizations, and any other activities of the BVOPM office.

Major product management activities of the BVOPM office may include:

• Product stakeholders and users management
• Product risk management
• Participation in decisions
• Product support activities
• Adjustments in product management

Comments from the BVOP™ community on “Product management”

Barbara Richardson

Product management as part of project management is another innovation from BVOP, which I strongly support and embrace. It is a pleasure for me every time I reread the BVOP Guide because I understand the role of the modern Project Manager as a highly supportive and assisting role in the overall product development.

Products are a tricky thing. Believe me. They require a lot of work, attention and careful integration of user needs and, at the same time, the return on investment is a central theme.

Just as the project manager takes care of resource consumption, the product manager should do the same in the context of the product. And they both together can do much more.

The only thing modern project and product managers need to understand is that these two roles are really overlapping in real life and have common goals and activities.

But this is nothing new to Agile and Scrum followers who have long been aware of these trends.

Summary

Project management and product management are related subjects in the context of BVOP. A project refers to all activities and resources needed to create a specific product. The product is a beneficial outcome used by an audience.

The product and project life cycles may share common timeframes, resources, and goals. Successful project management requires a tight connection between product management and development. The BVOPM office needs to have in-depth knowledge of product management for adequate decision-making and support.

Major product management activities may include stakeholder and user management, risk management, participation in decisions, support activities, and adjustments.