Difference Between Product Life Cycle & Project Life Cycle
Product life cycle and project life cycle. These two terms should be no stranger to any project manager or certified PMP® throughout any industry. But sometimes, these two can actually be confused for one another. Today, the pros at The Smart PMP® are going to help you recognize the difference between them.
Project Life Cycles can have several phases which occur in a specific order, often overlapping, ensuring that the final product is effectively delivered. Each project has a beginning and an end with each of these phases varying from industry to industry. Always keep in mind that no two project lifecycles are the same when it comes to the number of phases involved as well as the details necessary within each phase.
Product Life Cycles begin with the initiation of the idea and ends once the product has been completely retired. In this cycle, you will develop the product, introduce it to customers, increase sales, allow for it to mature and reach sales peaks, and then retire to move on to the next product.
Now, what are the major differences between the two?
- Product life cycle is longer than that of a project life cycle.
- The phases of a product life cycle tend not to overlap opposed to the phases of the project life cycle.
- In a project life cycle, phases can happen numerous times. With the product life cycle, each phase only happens once.
- The layout of a project life cycle is more defined and predictive. Roadmaps for product life cycles are more concept bases and is greatly dependent on the market or demand.
To sum it up, although the life cycles of products and projects are quite different, they go hand in hand. Each portion has to be executed effectively if you want to make sure that everything pans out as desired.
Learn more about this and other countless gems that will help get you ahead in your career by contacting The Smart PMP® today. We offer Mentoring, Coaching, and even Master Coaching. Schedule your free 15-minute phone consultation today!