Understanding the Life Cycles of Product and Project Management

Product management and project management are two closely intertwined disciplines in the business world. Both have their own life cycles that outline the necessary steps for success. The product management lifecycle includes idea generation, market research, product development, testing, launch, post-launch monitoring, maturity and growth, and decline or sunsetting. On the other hand, the project management lifecycle consists of initiation, planning, execution, monitoring and controlling, and closure.

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