If we apply the famous lyrics of Louis Armstrong, “you like tomato and I like tomahto” to the world of product creation, we could have “you like project management and I like product management.”

After all, the disciplines are focused on similar goals.  The Project Management Institute defines a project as an endeavor to create a product or service.  Product managers are concerned with the same.  So, what is the difference and what should practitioners of both disciplines know about New Product Development?  The short answer to these questions is a strategy and process for NPD.  According to research by the Product Development and Management Association, the best companies using NPD tools have profits that are 7 to 10 times higher than other companies.   Other research shows that the best companies are much more efficient at creating market-winning products.  These are huge differences and ones you should be concerned about for your career growth.