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Straightforwardly if I have to explain the Product Management, then I would say, "The activities performed throughout the Product Lifecycle is the Product Management." And the Product Manager is accountable for those activities.
Let's dive into understanding a few roles that have created a few confusions in Agile Product Management.
What are the Product and its lifecycle? The Scrum Guide, November 2020
"A product is a vehicle to deliver value. It has a clear boundary, known stakeholders, well-defined users, or customers. A product could be a service, a physical product, or something more abstract." ? merriam-webster.com 1) Something produced
2) Something (such as a service) that is marketed or sold as a commodity.
This method of support is known as product management. They can also help determine when the newer products are ready to push older ones from the market. Many activities happen throughout the Product lifecycle that can be put into the Product Management Quadrant that mentions the Strategic and Operational activities, and how they are mapped in the Organization.
Mainly, different roles in the Organization manage many of these activities. But this often looks like (from the traditional ways of working) as:
It is evident that the Product Manager role is more aligned with strategy and market-facing, wherein the Project Manager is more aligned with the execution.
"Product managers are strategically responsible for driving the products and plans, whereas project managers are responsible for the execution of those development plans."
Both the roles work closely together on the initiatives, but the responsibilities differentiate them in most cases.
Now that we understand the responsibilities of both these roles from the Product Management perspective, where does the Product Owner fit in Agile Product Management?
Let's re-look the Product Management Quadrant, and this time with the Agile as a Product Development approach.
Project Manager as a role comes from PMI and PRINCE2, whereas Product Owner is a role defined in Scrum (A foundational framework for Agile).
In Scrum Context, Scrum doesn't have the role of the Project Manager, and Waterfall and PRINCE2 don't have the role of a Product Owner. However, Scrum not having the Project Manager's role doesn't mean the Project Management is also not required. The delivery of valuable increment deals with the scope, risk, release, and stakeholder management. The process and people are still involved in this and also delivery of quality Increment. Although the business part of the project management activities falls under the role of the Product Owner, the process, people enablement, and creating high-performing scrum teams is on Scrum Master's plate, and the quality of delivery is with Developers.
Should the Product Owner choose to delegate the business part of this, then the famous role that comes into play is the Business Analyst. The Business Analyst again is not a formal role in the Scrum, and hence they would be considered as the Developer in the Scrum Team for their active contribution in helping to develop the valuable Product.
Special thanks below article references:
A Professional Scrum trainer (PST) from Scrum.org, SAFe® Program Consultant (SPC 4.5) and experienced Spotify consultant with over 14 years of rich experience in building people
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