Difference between Product life cycle and Project Life Cycle
The differences between the product life cycle and the project life cycle are as follows:
|
Parameters |
Product life cycle |
Project life cycle |
|---|---|---|
|
Repetitive nature |
The product life cycle can have single or multiple projects. |
The project life cycle has a single project. |
|
Comparison between duration |
A product life cycle is much longer than a project life cycle. |
A project life cycle is much shorter than a product life cycle. |
|
Nature |
A product life cycle may not end as it has a maintenance stage that can go on forever. |
A project life cycle has a definite end as it does not need to be maintained in the future. |
|
Order |
We must follow a sequence in the product life cycle. |
We do not need to follow any sequence in the project life cycle. |
|
Purpose |
A product life cycle focuses on the market’s demands and competition. |
A project life cycle focuses on the outcome as per the user requirements. |
|
Duration |
It can take up to years. |
It can be short or long but shorter than the product life cycle. |
|
Team |
A product life cycle will have the needs of all the departments like sales, technology, testing, etc. |
A project life cycle may involve the need of only a particular department with its project managers and team members. |
|
Resources |
A product would use the resources allocated to it such as a cloud database. |
A project will release the resources allocated after its completion and it can be further re-allocated to other projects. |
|
Performance |
A product should have good feedback and be in demand in the market. |
A project should be according to the user requirements and fulfill all the needs of the users. |
|
Deliveries |
A product life cycle includes maintenance which means the responsibility has not ended after handing over the product. |
A project life cycle ends with the closure or the completion of the project and delivering it to the customer/client. |
Difference between Product life cycle and Project life cycle
The article explores the fundamental differences between the product life cycle and project life cycle, important concepts in business, and project management. It delves into how the product life cycle represents the stages a product goes through from development to decline, while the project life cycle contains the phases of a project from initiation to closure, highlighting their distinct purposes, timelines, and management strategies.
Table of Content
- What is the Product Life Cycle?
- What is Project Life Cycle?
- Difference between Product life cycle and Project Life Cycle
- Conclusion
- FAQs