Enabling the most value!
SECOND EDITION
By Frank Murphy
Texas, USA
Introduction
Product management concentrates on maximizing value, but this is not exclusive to this discipline. Project management can be seen as inflexible in some ways, including budgeting. How can we blend the methodologies and get the best results. We’ll explore how Marketing Technology could be managed as a program, but with multiple products that each deliver business value. Return on investment is a common measurement, but are there times when it is not appropriate? What happens when the product doesn’t meet the hurdle rate and there is not a replacement ready to install? You cannot stop marketing so how can you reconcile the differences and better manager a program that implements and maintains technology.
A product can be defined as an item that solves a customer need and has a lifecycle of continued development and iterations. A project is a temporary endeavor designed to deliver a specific goal in a specified timeframe, with a predetermined budget. Blending these two approaches is possible but they can conflict when the product uses a measurement of long-term value, while the project has a specific end date. What if we used project management to be an umbrella to deliver the initial specific capabilities and then pivoted to product management to adapt and meet customer expectations that were not foreseen?
Defining Clear Objectives
While products and projects are interrelated, they differ fundamentally in lifespan, focus, team structure, and management approach. Project management ensures structured goal setting, while product management aligns objectives with long-term user value. Clear objectives are critical for both project and product management. Project managers use frameworks like SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals to define deliverables within a fixed scope and timeline, such as launching a new feature by Q3. Product managers, conversely, focus on ongoing value, setting objectives like increasing user retention by 15% through iterative enhancements.
The intersection lies in aligning these goals: project managers translate product visions into actionable milestones, while product managers ensure project deliverables enhance the product’s roadmap. For example, in a smartphone product, a product manager might prioritize a night-mode camera feature, while a project manager defines the six-month timeline and $500K budget to deliver it. This collaboration prevents scope creep and ensures projects contribute to strategic goals. A PMI study (2020) found that aligned objectives increase project success by 25%. By jointly defining success metrics, such as feature adoption rates, both disciplines leverage stakeholder input to refine goals, ensuring short-term deliverables support long-term value.
For data science projects, objectives often revolve around solving specific business problems, such as predicting customer churn or optimizing supply chains. The intersection lies in translating vague business needs into precise, data-driven questions. For example, a project manager might work with stakeholders to define a goal like “reduce customer churn by 10% in six months,” while a data scientist conducts exploratory data analysis to identify key predictors like purchase frequency or customer demographics. This collaboration requires project managers to understand data science workflows, such as CRISP-DM (Cross-Industry Standard Process for Data Mining), to set realistic milestones. Sata scientists benefit from project management’s focus on scope control, preventing “scope creep” where objectives expand uncontrollably. A case study from IBM shows how clear objectives in a predictive maintenance project saved 12% in operational costs by focusing on high-impact equipment failures (IBM, 2020).
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Editor’s note: Second Editions are previously published papers that have continued relevance in today’s project management world, or which were originally published in conference proceedings or in a language other than English. Original publication acknowledged; authors retain copyright. This paper was originally presented at the 17th Project Management Symposium at the University of Texas at Dallas in May 2025. It is republished here with the author’s permission.
How to cite this paper: Murphy, F. (2025). Product versus Project Management: Enabling the most value!; Originally presented at the 17th Project Management Symposium at the University of Texas at Dallas in May, republished in the PM World Journal, Vol. XIV, Issue X, October. Available online at https://pmworldlibrary.net/wp-content/uploads/2025/10/pmwj157-Oct2025-Murphy-Product-vs-Project-Management-2nd-ed.pdf
About the Author
Frank Murphy
North Texas, USA
Frank Murphy is a Certified Coach (ACC) who worked as a Program Manager for Marketing Technology for a Fortune 100. Frank is currently an Instructor for Palo Alto College in San Antonio, Texas, and also owns a consulting business. He retired as a CMSgt after 30 years in the U.S. Air Force. During his career he traveled to the seven continents, numerous countries, and was a key part of most military operations that needed airlift.
Frank is an accomplished results-driven Operations Leader and Project Manager with extensive experience in leading large teams and driving successful operations across domestic and international environments. He has a proven ability to streamline processes, develop multi-year fiscal strategies, and manage risks while meeting stakeholder requirements.
Frank’s coaching expertise is supported by a background developed in the military and honed after service with expertise in employee engagement, team coaching and other disciplines. He has certifications in PMP, ACC, FAC P/PM, COR, and Change Management to support his clients.
He can be contacted at https://www.linkedin.com/in/frankmurphy75/
