Despite similarly sounding names, there are huge differences between project and product development. These two concepts are often confused with one another that sometimes even experienced people in the field find it difficult to tell the difference. So, if you plan on hiring a developer for product or project development, it is imperative for you to conceptualize the difference between the two.

This is mainly because the process of selecting the right IT Company during development is of great importance. Therefore, if you make a mistake and hire the wrong company, it will directly result in the wastage of your efforts, time and money. That’s why in today’s article, you will learn more about the main differences between project and product development.

Project Development

The process of project development is usually carried out by a professional project manager who works closely with a product manager to create a successful product. However, please note that project managers are not a part of development process, but they are involved in the pre-development process. In simpler words, a project is a temporary endeavor undertaken to create a unique service or process that is developed by an organization for its own operational requirements.

Therefore, the process has nothing to do with product development, despite the fact it provides valuable information on what type of product has to be created. Additionally, a project is developed only for handling specific applications of an organization where look and feel of a product doesn’t matter, just the idea does. It is when a company wants to optimize its processes, but doesn’t want to waste money on purchase a ready-made tool that may or may not meet the exact requirements.

Product Development

Product development, also known as the ‘Stage-Gate’ process is when a product manager collaborates with other teams in order to ‘develop’ new innovations. Developing a product means creating something that a company intends to sell and generate revenues afterwards. It is strictly related to business and focuses on a wide range of consumer needs, wants and requirements. In fact, it has a whole life-cycle consisting of multiple stages.

The process begins right from the very conceptualization of the idea to developing all the architecture, drawings, designs of the products and then converting them into real, workable and sellable products. However, developing a product requires strong support and the assistance of professional product designers and industrial designers. Regardless, the entire process is carried out to develop a product with the intention of selling it in the marketplace to represent the image of a company.

Project Development vs. Product Development

• In project development, less maintenance is required, but product development requires high maintenance, strong support, and good financial resources.
• The development of a project requires long term testing, whereas project development involves limited tested.
• In project development, features and requirements are important, but the feel and look don’t carry much significance. However, product development is all about the look, feel and user-experience of a product.

• Product development is for selling and revenue generation where as project development is for a company’s own operational requirements.
• Product development is an ongoing investment that involves adding new features, but project development is only a onetime investment.

So, now that you are familiar with the factors mentioned above, determining the difference between project and product development won’t be a problem.

From the time they enter a negotiating room the world’s best negotiators know what they expect out of a negotiation and whether, under proposed terms and conditions required of them by their counter-parties, it is at all possible to meet those expectations. Because they have prepared beforehand they know if certain terms are required by their counter-party that they can not accept, the negotiation will be hopelessly deadlocked and they had better close off the bargaining process, pack up and go home. Otherwise, if they stay and continue negotiating under such adverse conditions they surely will negotiate an outcome that is unsatisfactory to themselves.

If a term or condition that is utterly unacceptable to the negotiator is absolutely a bottom line requirement for the counter-party, there is an impasse. The best negotiator will ask the counter-party whether the term is unconditionally indispensable. If it is, the negotiator will pack up and go home. For a top negotiator it frequently is better to have no negotiation that to have a bad one.

Negotiators routinely determine, often in minute detail, before they meet with their counter-parties what the parameters of success will be for their negotiations. Likewise a smart negotiator will set forth any likely terms or conditions their counter-party could insist on which, from the negotiator’s stand point, would take the negotiation to an impasse, a point beyond which they had better not travel.

It is often difficult to know exactly what elements the counter-party will throw into the negotiation. This is especially true if the negotiator has not spent a great deal of time with the counter-party before or does not know the true objectives of the counter-party. If this is the situation it is essential that the negotiator follow certain steps to overcome this problem. The wise negotiator will think about these steps and try to outline a procedure to follow in case any such surprise elements are introduced into the negotiations.

When the parties first meet, the negotiator must probe into the thought processes of the counter-party. The easiest way to do this is to ask questions of the counter-party and listen intently to the answers. The negotiator should observe the facial and other body language responses given. The negotiator should determine what are the true objectives of the counter-party? Often the counter-party will state certain opinions or facts that will turn out to be false or misleading. Sometimes a counter-party will state that certain requirements absolutely must be included in the terms agreed upon but later these terms will vanish and the counter-party will not require them.

The skilled negotiator will seek to determine whether there are bottom-line objectives that are hidden from the agenda stated by the counter-party? Maybe there are psychological pressures that the counter-party himself does not consciously know about. A seasoned negotiator will not take statements at face value all the time and will try to establish a reliable test to determine whether to believe what is said.

How would you rate your fear of speaking? Do you dread getting up in front of a group to make a presentation? Do you have trouble sleeping the night before you are scheduled to speak to a group? Are you filled with anxiety the last 30 minutes before you are introduced to speak? If you answered, “yes,” to any of the above questions, you’re not alone. Public speaking is dreaded by millions of people around the world. Approximately 75% of the population has some level of stage fright or fear of speaking in public. It’s at the top of the list when people are asked to rank their greatest fears. Think about that! Speaking in public is a greater fear than the fear of death, which comes in at number two- we’re talking about some serious fear!

Over the past twenty-five years as an executive coach, I have worked with dozens of clients who have a significant fear of speaking. Here are just a few fears they’ve expressed:

• I mostly fear the questions and I’m afraid I’ll appear like I’m under-qualified to present.
• My biggest fear is totally losing track of where I am in the presentation and it will be obvious to everyone.
• My greatest fear is looking like an idiot who doesn’t know what I’m talking about!
• I tend to get too wordy and detailed. I’m afraid I’ll lose their interest and they’ll be bored.
• My face turns red and my voice gets shaky.
• I hate it when my mouth dries up- cottonmouth.
• I’m always afraid I might faint.
• I get sweaty and my stomach starts grumbling. I don’t want people looking at me in that condition which only causes more stress.

Control Your Nervousness

The term “glossophobia” is relatively unknown to most of us. It’s a fancy word for speaker anxiety. Wikipedia describes it as an intense anxiety just before or simply at the thought of having to verbally present to a group. It goes on to explain that people with glossophobia experience “physical distress, nausea or feeling of panic in such circumstances.”

Try Taking Deep Breaths

The power of taking deep breaths at the first sign of anxiety is real. Take nice, slow long breaths in through your nose, hold it and slowly exhale through your mouth. Do this several times while focusing on your breathing. This is a technique that many of my clients have found to be instantly helpful. It’s also such a subtle technique that you won’t draw attention to yourself while you’re doing it! It can slow your racing heart, calm your nerves and prevent your mind from swimming with negative self-talk.

Channel Your Energy

Accept the fact that feeling some increased tension is perfectly normal. In fact, view it positively. The increased energy will allow you to be more passionate about your topic. You may feel an adrenaline rush just like winning athletes feel as they cross the finish line… first! Redirect the physiological symptoms into an exciting delivery through strong vocal projection, natural, animated gestures and an expressive face. Your excitement will be contagious to your audience.

Clear Your Mind

Even successful, highly paid professional speakers feel anxiety right before going on stage.

Take a short walk before going on stage. This could be a simple walk around the building before heading inside to perform. It could be a short walk down the hall and back before entering the ballroom or conference room.

Listen to your favorite music. Speakers often rely on their portable music devices to listen to music that inspires them, relaxes them or creates just the right mindset for delivering their best presentation possible.

Visualize success. Winning athletes, actors, orators and singers share the practice of visualization. Picture yourself-actually see yourself-standing in front of your audience. See how they are hanging on every word that you speak. Notice their facial expressions as they respond to all your main points. Replace any negative thoughts with only thoughts and visual pictures of your best presentation ever!