You’ve most likely found yourself enjoying the outcome of a project manager’s work when you stepped into an office with its contemporary style concept. That smartphone you’re holding right now? The browser you’re using to read this article? That was the result of the work of a product manager. That company-wide learning and development program at work that you’re utilizing to upskill yourself? That’s the solution of a program manager.
Research shows that demand over the next 10 years for project managers is soaring faster than demand for workers in other occupations, with a projected 33 percent growth by the year 2027. Non-tech workers are also able to gain quicker access to high-salary tech jobs through landing PM roles than they would otherwise. So undoubtedly, the career prospects are extremely promising.
While often these job titles can become confusing as they all share the initials “PM” and sound very similar, they do have some differences. If you are attracted to the idea of managing a program, product, or project, you first need to understand what each role entails, and what the differences and similarities are, so you can make an informed decision.
What’s the same?
Here’s what all PM roles hold in common: They all share a remit of responsibility and accountability to oversee a task, that takes some time to complete, all the way through to fruition. They often share measurable goals that must be accounted for, and require extensive planning, budgeting, and stakeholder engagement and feedback, from the sponsor to the end user, client, or participant. PM roles are required in almost every industry you can think of.
The differences lie in the specifics.
Project management
Project management is a series of actions that must be completed for an overall goal, known as project outcome, to be achieved. Projects are typically defined by the well-known characteristic of having a start date and an end date. As the Association for Project Management (APM) states it, “A key factor that distinguishes project management from just ‘management’ is that it has this final deliverable and a finite timespan, unlike management which is an ongoing process.” For example, you could be assigned to build a website, lead a construction project, or organize a fundraiser. These are all project management roles and, as you can see, the scope a project manager covers is very versatile and can span across industries.
Product management
A product is a tangible that a business offers its customers. While typically thought of in the context of technology, for example, rolling out an app, software upgrade, or smartphone, products can also merge with other PM roles and take on business services. Since product management is such a core aspect of a business running sustainably, the focus here is on the why—what is the problem that needs to be solved for the customer. Product managers then translate the need and business objectives into tangible features, which are tested before being rolled out in full. This requires extensive marketing and a hands-on approach throughout the product’s lifecycle.
Program management
Program management, on the other hand, involves delivering a portfolio of coordinated several smaller projects to achieve business objectives. This drives meaningful change in an organization, although program management can also be used externally. As an example, your company’s learning and development program might include several smaller aspects which work together as a whole, such as an employee learning app, a team mentorship initiative, or a book club.
Which is the best of the three PM roles?
The answer really depends on your personal strengths and motivations. All PM roles are rewarding and can provide enormous career satisfaction as you witness the results of your labor and collaborative management. At the same time, it is not smooth-sailing and you will face numerous hiccups and unexpected challenges that can pose risks to your project, product, or program, such as difficult stakeholders, inability to gain agreement and consensus on key requirements, budget constraints, or emergencies.
To understand which is best for you, dig into a deep-dive research for each role, and perform an analysis of your strengths and weaknesses against each to determine where you could position yourself. Speak to professionals in your network who already work in one of these roles and ask them what they enjoy about their work, what the challenges are, and what are their typical day-to-day responsibilities. Conduct market research of salaries, bearing in mind that PM salaries that sharply plummet for one industry or location could be completely different in another location or sector. Once you weigh up all the pros and cons, decide which role you will select to advance your management career, and seek to obtain a certification to help you maintain up-to-date knowledge of PM methodologies so you can maintain a competitive edge as a candidate.
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