Product

What is Product?

A product is the outcome or deliverable that satisfies a customer need or solves a specific problem. In project management, it can be a physical item, a software application, a service, or a combination of these. A project team develops a product through a planned process that includes defining requirements, creating a design, developing the solution, testing, and delivering it to the user or client. It is not limited to what the end-user receives; it also includes the internal systems and tools that support it.

In project environments, teams strive to deliver a product that aligns with business goals and customer expectations. The success of the deliverable is measured by how well it meets quality standards, satisfies stakeholders, and achieves intended outcomes.

Key Points

• It can be tangible (like a building) or intangible (like a digital app or online service).
• A team creates it through a structured development process that includes planning, execution, and delivery.
• Its life cycle may extend beyond the project that created it, including ongoing maintenance and support.
• Product management often overlaps with project management but focuses more on long-term value and customer satisfaction.
• Success depends on clear requirements, strong team collaboration, and consistent stakeholder engagement.

Related Terms

• The product scope defines what features or functions the product will include and sets the boundaries for development.
• A deliverable is any output or item produced during the project that contributes to the final product.
• The project life cycle provides the framework for managing tasks and timelines needed to build and launch the product.
• Stakeholder requirements are the specific needs and expectations that guide the creation of the product.
• A minimum viable product is the simplest version of a service or item that can be released to gather feedback and guide further development.

Product: Example

A company is developing a mobile banking app. The product includes the app itself, its user interface, security features, integration with existing banking systems, and customer support tools. The project team works through defined phases—planning, development, testing, and deployment—to deliver the final product to customers.

Product: Best Practices

• Begin by identifying clear and validated user needs to determine the product’s requirements.
• Involve stakeholders early and often to ensure the product stays aligned with expectations.
• Use iterative development methods to adapt quickly to changes or new insights.
• Focus on quality assurance throughout the process to reduce costly errors.
• Plan for post-launch support to ensure long-term success and user satisfaction.

Additional Resources

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