Product Life Cycle Vs Project Life Cycle

S no.	Product Life Cycle	Project Life Cycle
1	Product Life cycle is concerned about, revenue, a Product Generates in its Life Time.	Project Life Cycle talks about Different phases to create a product.
2	Product life cycle is a conceptual map, which just shows the current stage of product at the moment.	Project life cycle is all about action and do steps needed to complete a project with specific targeted results.
3	Product Life cycle has 5 Sequential , non – overlapping phases	Project life cycle has 5 sequential and overlapping phases
4	The Five stages of product life cycle are 1)    Development 2)    Introduction 3)    Growth 4)    Maturity & 5)    Decline	The Five Stages of Project life cycle are 1)    Initiating 2)    Planning 3)    Execution 4)    Monitoring & Controlling 5)    Closure
5	Different Projects can be undertaken in the life cycle of a product.	Outcome of the project life cycles are products.
6	Product life cycle = project life cycle + Maintenance & Support function.

¹  Project Scope is the work that needs to be accomplished to deliver a product, service or result with specific features and functions.

¹  Product scope contains the Features and functions that characterise a product, service, or result. It means the requirement that relates to product of the project.