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 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 bounded with 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 in the product management and the 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 deep knowledge in product management. This is 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
- Participating in decisions
- Product support activities
- Product management adjusting