Difference between Project life cycle and Product life cycle

Introduction:

It is highly likely that you may seem to think the project life cycle and the product life cycle are one and the same thing. But if you do think that way then you’re totally mistaken as both these terms are different from one another. And as a project manager, it is mandatory for you to be able to understand the differences between the two.

To help you understand that both the terms are different, we would want you to remember at least this one fact. A project always produces a product and then it ends. Whereas, the product that has been produced stays for a longer time. So this means that the product life cycle is bigger than the project life cycle. Thus this fact will help you remember that both the terms are different. 

With that, there are many other differences that we managed to gather round for you and are mentioned below.

Project life cycle	Product life cycle
A project life cycle is known to be the sequence of phases that a project has to go through. These phases are from initiation to closure and are monitored closely till the end.	Whereas, the product life cycle can be described as the stages from which a product passes through. These stages are from conception to retirement.
The project life cycle is known to have many phases. These phases are initiation, planning, executing, monitoring, controlling, and lastly closing.	On the other hand, the stages of the product life cycle are development, introduction, growth, maturity, and then retirement.
All the phases of the project life cycle are generally sequential and can overlap as well.	Contrary, the phases of a product life cycle are sequential but they do not overlap.
It must be kept in mind that the project life cycles are not necessarily a part of the product life cycle.	As the product life cycle continues even after the project has been completed. So you can say that the project life cycle is considered to be a subset of the product life cycle.
The duration of the project life cycle is smaller as compared to the product life cycle. It is because if it is a small scale project, then its duration will be automatically small and vice versa.	But the duration of the product life cycle is comparatively longer. It is because the product stays for a longer time after it has been completed. So normally the product life cycle has a longer duration.
All of the phases that are a part of the project life cycle are tend to repeat if necessary.	Whereas, the phases in the product life cycle generally occur only once.
The roadmap for the project life cycle is always very predictive and well-defined. This is so that the team has a defined goal and can act based on final decisions.	Contrarily, the map for the product life cycle is totally conceptual and is depending on the market condition. Whatever the instructions delivered are based on the market conditions for that particular product.

Conclusion:

Thus, these were some of the very obvious differences that we tried to explain to you. After reading these differences, you can easily understand what these two cycles depict and their purpose. Follow here for PMP Certification Dumps and Other resources like  quizzes , reference books and PMP Prep courses for preparation. So read these differences now and never stop learning.