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What is the difference between project development and product development?

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I would like to know the difference(s) between project development and product development.

Honestly both concepts are ambiguous to me: a short and sweet explanation of what project development and product development really are would help a lot.

I feel that project development is the same as project management, and product development is the same as product management. Am I right in this assumption? And if I am (right), then why do these terms exist? Just to confuse newbies to project management?
asked 11 years ago by anonymous

1 Answer

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The short answer is that product development is about all aspects of creating products.  The PMBOK Guide tells us the definition of project:

“A project is a temporary endeavor to create a unique product, service, or result...Temporary does not necessarily mean short in duration. Temporary does not generally apply to the product, service, or result created by the project; most projects are undertaken to create a lasting outcome.”

There is a more detailed explanation of the similarities and differences at: http://bit.ly/fbcts0.
answered 10 years ago by sdcapmp (45,840 points)

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