RE:RE:RE:RE:RE:RE:RE:Truth or lie? Featured snippet from the web
Products have a life cycle that consists of multiple stages. First the product is conceived, then developed, then introduced and managed in the market, and finally the product is retired when the need for it diminishes. A project is a temporary endeavor that is undertaken to create a unique product or service.
A product-oriented approach is tailored to mitigate, and ideally, completely eliminate risk in this context. Comprehensive and effective feedback loops are baked in to ensure maximum value is being delivered to the customer. Since you’re delivering regularly and incrementally, you have the opportunity to implement fast learning cycles to constantly validate that you are building the right thing. It’s much
A project-oriented approach is very rigid; everything is about managing to the ‘Iron Triangle’ and delivering a defined outcome decided up front, on time, and within budget. Projects are therefore very resistant to change which is a major blocker in an age where technology and market expectations change so quickly and significantly. Something decided a year ago, may no longer be valid once the project is delivered but scope is a major pillar of the ‘Iron Triangle’ and nearly impossible to bend. And if something is identified later on that should be included because of the potential value it offers customers, it’s rejected because it’s ‘out of scope.’
If they are just focussing on one project, they are bound to fail.