Product Owner Vs. Product Manager Vs. Project Manager: Which Career Should You Choose?

The worlds of product management and project management are similar. Yet quite different. A clear perception of product owner vs. product manager vs. project manager is vital to carving a promising career.

Let us begin.

Who is a product owner?

The Scrum guide describes the product owner as a key role in an Agile team, responsible for maximizing the value of a product. A product owner provides complete clarity to their team about the end goal and vision. Based on this product goal, the team members prioritize their work and deliver value to stakeholders.

Day in the life of a product owner: roles & responsibilities

Product owners represent the needs and interests of multiple stakeholders in the product backlog. They have the following responsibilities:

• Making sure the product backlog is transparent and understandable.
• Exhibiting ownership and leadership of the product throughout its lifecycle.
• Defining and specifying product roadmap for team members.
• Collaborating with cross-functional teams to ensure the final product meets stakeholder requirements.
• Making final decisions on the features to include in each sprint or release based on their value.
• Monitoring and assessing product performance and collecting feedback from stakeholders and customers.
• Making sure the product is compliant with current regulations and policies.

Who is a product manager?

A product manager combines design knowledge, business strategy, and customer requirements to build a high-quality product that meets stakeholders’ expectations. Product managers continuously optimize the products to meet business goals and user requirements while maximizing the ROI.

Day in the life of a product manager: roles & responsibilities

• Product managers have the following functions and responsibilities:
• Define product vision and develop a detailed roadmap for team members.
• Conduct extensive market research and analyze customer requirements.
• Build a product development and launch strategy while keeping the production cost-effective and generating customer profits.
• Collect and examine customer feedback and strategize accordingly.
• Collaborate with research and analytics teams to develop innovative products.
• Run pilot programs and review work in progress to ensure the end product meets customer needs.
• Working with external teams and third parties to finalize product partnerships.

Who is a project manager?

A project manager ensures the team members stick to the project’s scope, timelines, and budgets from start to end. Project managers lead teams and ensure the deliverables are in line with the expectations of the top management and stakeholders.

Day in the life of a project manager: roles & responsibilities

Here are a project manager’s key roles and responsibilities of a project manager:

• Linking projects to organizational strategic goals.
• Finalizing project goals with upper management, clients, and stakeholders.
• Identifying project benefits and planning the realization of benefits.
• Leading and managing the project team.
• Collaborating with stakeholders and risk management teams.
• Listing down project requirements, e.g., materials and supplies required.
• Developing detailed project plans.
• Delegating critical tasks to expedite project execution.
• Evaluating project costs and determining timelines.

What skills merit the role of a product owner?

Here is a list of key product owner skills in 2023:

• Analytical skills: Exceptional analytical skills help product owners in efficient product backlog management. These also enable them to envision and address the complexity of challenges accordingly.

• Decision-making: Excellent decision-making skills help product owners detect and remediate problems.

• Communication: Product owners bridge the stakeholders, customers, and the development teams. Active listening and excellent communication skills help them address all requirements seamlessly.

• Collaboration: This essential skill helps POs understand the concerns of team members and stakeholders, especially when they’re working with cross-functional teams.

• Technical skills: These include:

  • Agile techniques
  • UX design
  • Product development architecture
  • Software development & coding

What skills merit the role of a product manager?

Here are a few mandatory skills every product manager should have:

• Strategic thinking: Product managers need to understand the company’s overarching vision. The success of a product strategy rests on its ability to deliver a Complete Product Experience (CPE).

• Data interpretation & analytics: Product manager roles are data-driven. They should be adept at analyzing data to understand the market competition, test product features, and understand user behavior.

• User-centric approach: A user-centric mindset and UX/UI skills ensure your end users have the best experience.

What skills merit the role of a project manager?

The Project Management Institute regards the PMI triangle as the gold standard for all the skill sets a successful project manager must demonstrate. They have recently updated the sides of the PMI triangle to focus on the following:

• Ways of working: Formerly technical project management
• Power skills: Formerly leadership
• Business acumen: Formerly strategic and business management

Project managers must have the following skills:

• Planning, organizing, and forecasting: Project managers must deeply understand the project’s long- and short-term goals to plan and forecast effectively.

• Understanding of project management methodologies: Knowledge and experience of different methodologies make you better equipped to determine the right fit for each project.

• Monitoring and tracking: As a project manager, you must keep close tabs on milestones, deliverables, and timelines. It is equally important to be wary of the risks associated with the project so you can take action as and when they arise.

• Facilitation skills: Project managers must master active listening, time management, and conflict resolution and time management skills to be good facilitators.

• Project scheduling & budgeting: PMs should be proficient with top project management software (e.g., JIRA) to save their organizations valuable time and money.

• Communication & leadership skills: Excellent communication skills help share information and solve critical issues. Outstanding leadership skills are necessary to communicate the project vision to stakeholders and resolve conflicts.

What is the salary of a product owner?

The salaries of POs in the USA range from $38K to $389K. Their total base annual pay is nearly $101,000.

Let’s look at the factors shaping the compensation mileage of product owners.

1. Location: The following table shows the compensation range of product owners in different countries.

2. Seniority & designation: Experience and designation are two key factors determining the salaries of product owners. The table below explains this further.

3. Experience: Product managers’ salaries are directly proportional to their years of service.

What is the salary of a product manager?

The typical salary of a product manager is between $76,000 to $200,000. Recruiters usually weigh in determinants like location, industry experience, education, and more for product managers. Let’s explore this in detail.

1. Experience & position: The following table shows how experience is the crucial driver of salary ranges for PMs.

2. Country: Let’s look at the salary differences in different countries and locations.

3. Industry: A few fast-growing sectors demand experienced product managers more. Here’s a quick list.

4. Company: Leading tech companies often offer experienced Product Managers compensation higher than the industry average. Let’s take a look.

What is the salary of a project manager?

The estimated payout of a project manager is $74,000 per annum. However, there are multiple factors determining the salary of a project manager. Let us take a look:

1. Experience & role: Project managers with 1-4 years experience make around $74,000 annually. The average annual salary of project managers with 10+ years of experience is $85,000.

2. Company type and size: Here is a list of project manager salaries in top companies:

3. Domain & skill-set: Technical proficiency is a key factor impacting the salaries of project managers. Here’s how.

4. Certifications: PMP-certified allows project managers to earn 22% more than their non-certified peers. A project management certification also guarantees promotion and progress in the same job.

5. Location: Location significantly affects a project manager’s earnings. The following table explains further:

Figure sources: Indeed, Glassdoor