Imperative Synergies Between Project & Product Management by PMI – Summary & Key Insights

The report is published by Project Management Institute (PMI) and Agile Alliance on imperative synergies between project management and product management. It demonstrates the ways in which project and product management roles are interconnected. It also highlights that organizations are shifting toward product-led growth models, which requires professionals to look beyond just project execution and focus on long-term value delivery to stakeholders. The study is based on surveys of almost 1,400 professionals and 37 in-depth interviews with industry experts. It explores the shared skill sets and practices that enable collaboration and provides recommendations for both individuals and organizations to achieve fruitful collaboration.

Key Insights

• Nearly 40% of survey respondents indicated their last project was rooted in product development.
• 79% of product managers have previously worked in a project management role.
• 92% of product managers in the survey agreed that project management skills were useful in their profession.
• 82% of product managers have had some form of project management training.
• 76% of product managers who received these project management training did so without being required by their employer.
• Four of the most important skills were the same for both project and product professionals: communication, problem-solving, planning and time management.
• 95% of all respondents rated communication as a key skill for success.
• 94% of all respondents rated problem-solving and planning as key skills for project success while 93% rated time management as a key skill.
• For project managers, 99% rated communication as a very or extremely important skill.
• This is followed problem-solving and planning both rated by 96% and time management rated by 94% as a very or extremely important skill.
• For product managers, 91% rated communication, 92% rated problem-solving, 93% rated planning and 91% rated time management as a very or extremely important skill.
• 54% of 100 global companies analyzed employ both project managers and product managers.
• Three-quarters of respondents (76%) forecasted an increase in their organization’s use of agile practices.
• A majority (56%) of respondents already used either agile or hybrid management approaches often or always.
• In the construction industry, 100% of product managers consider time management important to their roles.
• In the IT industry, 100% of project managers rated communication as their most important skill.
• In the financial services industry, 99% of project managers rated planning and communication as important skills.
• In the manufacturing industry, 96% of product managers rated problem-solving as an important skill.
• Poor communication by a product manager can lead to misalignment, duplicated work, missed deadlines and failed projects.
• Clear role definitions are a critical driver of team performance and decision-making.
• The M.O.R.E. framework, which stands for Manage Perceptions, Own Project Success, Relentlessly Reassess Parameters and Expand Perspective, is a call to action to deliver better value.

Conclusion

The report concludes that the future of work is increasingly cross-functional with a significant overlap between project and product management. To succeed in this new environment, organizations must integrate practices from both disciplines to develop products and services that delight customers and fuel growth. The shared core skills and experiences of professionals in these roles provide a strong foundation for collaboration. By focusing on solutions over roles, establishing clear communication channels and using agile practices, both individuals and organizations can overcome obstacles like role clarity and resource constraints to deliver long-term value.

You can check out the full report here.