Project vs. Product
Product is a company that releases Hardware, Middleware, Operating system, Languages, Tools etc are becomes the product. They develop the products for global clients i.e. there are no specific clients for them. Here the requirements are gathered from market and analyze that with some experts and start to develop the product. After developing the products they try to market it as a solution. Here the end users are more than one. Product development is never ending process and customization is possible.
Project is finding solution to a particular problem to a particular client. It depends on the product. By using the products like Hardware, Middleware, Operating system, Languages and Tools only we will develop a project. Here the requirements are gathered from the client and analyze with that client and start to develop the project. Here the end user is one.
Difference Between Product and Project
Here is some important difference between project and products are listed.
|1||Here the requirements are gathered from market survey.||Here the requirements are gathered from particular client|
|2||Develop the application for Global clients||Develop the application for particular client|
|3||Products are depends on products||Projects are depends on products|
|4||End users are more than one||End user is one|
|5||Never ending process||Once developed it will be finished|
New Product development:
In business and engineering, New Product Development (NPD) is the term used to describe the complete process of bringing a new product or service to market. There are two ways are there in NPD.
1. Idea generation, Product design and deal engineering.
2. Market research and market analysis.
Companies typically see new product development as the first stage in generating and commercializing new products within the overall strategic process of Product Lifecycle Management used to maintain or grow their market share.
Product Lifecycle Management (PLM):
In traditional manufacturing, companies must address a variety of complex challenges to improve product development. The challenges like managing all data relating to the design, production, support and ultimate disposal of manufactured goods and more.
To better race and win successful manufacturing companies are seeking an enterprise solution that solves these product development challenges. For these types of challenges PLM gives a better solution.
Product lifecycle management (PLM) is the title commonly applied to a set of application software that enables the New Product Development (NPD) business process.
In PLM there are four primary areas, they are
1. Product and Portfolio Management (PPM)
2. Product Design (CAx)
3. Manufacturing Planning (MPM)
4. Product Data Management (PDM)
Product and Portfolio Management is focused on managing resource allocation, tracking progress vs. plan for projects in the new product development projects that are in process (or in a holding status). Portfolio management is a tool that assists management in tracking progress on new products and making trade-off decisions when allocating scarce resources.
Product Data Management is focused on capturing and maintaining information on products and/or services through its development and useful life.