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Product Management in a Nutshell?

Product management is a company's organizational function that handles a product's life cycle. This includes the development of new products as well as the planning, production, pricing, marketing and final product launch.

Why product management is important

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Roadmap and Prioritization:

Enables the organization to prioritize features based on customer needs, market demands, and business goals. Product management ensures that the product development efforts are focused on delivering the most value to the target market.

Benefits

01

Scope and risk managment

Project management helps you in defining and managing project scope effectively. By clearly defining the project's boundaries and deliverables, project managers can prevent scope creep and ensure that the project stays on track. Additionally, project management involves identifying and mitigating risks throughout the project lifecycle, minimising the impact of potential issues and increasing project success rates.

02

Time and Schedule Management

Project management gives you detailed project schedules and timelines, identifying critical milestones and dependencies. This helps in ensuring that projects are delivered on time and within deadlines. You will be able to monitor progress, identify bottlenecks, and take corrective actions to keep the project on schedule.

03

Efficient Resource Allocation

Project management will enable efficient allocation and utilisation of resources, including human resources, time, and budget. Through proper planning, scheduling, and monitoring, your project resources will be allocated appropriately to tasks, minimizing waste and maximizing your teams productivity.

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