Often I have been asked by many people during my meet ups to explain the difference. While we all may be aware of it, I found it very difficult to express impromptu.
Though Product and Project life cycle sound similar, in fact, they are very different from one another.
Trying to list few things that come to my mind
- Product life cycle includes development, introduction, growth, maturity, and decline while Project life cycle has initiation, planning, execution, monitor, control and closure
- The revenue a product generates over time from inception till it is discontinued is represented by Product life cycle, while the project is measured over the work that gone in.
- Project life cycle would be smaller, while the product life cycle is longer
- Project life cycle may have a definite end, while the product life cycle may not.
- Single/Multiple projects make a product
- Product life cycle is somewhat conceptual and depends on the market condition while projects have predictive and clearly defined roadmaps.