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The differences between product development managers and project managers can be seen in a few details. Each job has different responsibilities and duties. Additionally, a product development manager has an average salary of $113,437, which is higher than the $91,578 average annual salary of a project manager.
The top three skills for a product development manager include product development, project management and lifecycle management. The most important skills for a project manager are project management, project scope, and customer service.
| Product Development Manager | Project Manager | |
| Yearly salary | $113,437 | $91,578 |
| Hourly rate | $54.54 | $44.03 |
| Growth rate | 10% | 8% |
| Number of jobs | 166,871 | 167,116 |
| Job satisfaction | - | 4.17 |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 68% |
| Average age | 39 | 47 |
| Years of experience | 10 | - |
A product development manager spearheads the development of new products within a company. Most of the time, their responsibilities revolve around conducting marketing research and analysis to determine consumers' needs, coordinating with the product development team to come up with new ideas, proposing business plans to the executives, and creating prototypes. A product development manager must also present a cost analysis, produce progress reports, and address inquiries and concerns. Furthermore, as a manager, it is essential to lead and encourage the staff, all while adhering to the company's policies and regulations.
Project managers oversee a specific project related to the organization's business. They manage the whole project from inception to evaluation. They initiate planning with involved departments, follow-through on the plans, ensure smooth execution of the plans, and evaluate the project for further improvements should these be needed. In line with this, project managers also ensure that the project is cost-efficient and well within the budget. They also manage the different work teams involved in the project and ensure that things are running smoothly on this aspect as well.
Product development managers and project managers have different pay scales, as shown below.
| Product Development Manager | Project Manager | |
| Average salary | $113,437 | $91,578 |
| Salary range | Between $84,000 And $152,000 | Between $64,000 And $129,000 |
| Highest paying City | San Francisco, CA | San Francisco, CA |
| Highest paying state | Nevada | California |
| Best paying company | Meta | The Citadel |
| Best paying industry | Retail | Technology |
There are a few differences between a product development manager and a project manager in terms of educational background:
| Product Development Manager | Project Manager | |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 68% |
| Most common major | Business | Business |
| Most common college | University of Georgia | University of Pennsylvania |
Here are the differences between product development managers' and project managers' demographics:
| Product Development Manager | Project Manager | |
| Average age | 39 | 47 |
| Gender ratio | Male, 62.2% Female, 37.8% | Male, 68.9% Female, 31.1% |
| Race ratio | Black or African American, 3.0% Unknown, 5.3% Hispanic or Latino, 8.7% Asian, 8.2% White, 74.6% American Indian and Alaska Native, 0.2% | Black or African American, 7.7% Unknown, 4.7% Hispanic or Latino, 12.9% Asian, 9.0% White, 65.0% American Indian and Alaska Native, 0.7% |
| LGBT Percentage | 10% | 10% |