A graphical representation of a typical project and product management approach and the relationship throughout their life cycle

Comparing a typical project management approach to PMI process groups and to a product approach, with respect to their life cycle.

It's possible to apply all PMI process groups to each phase of the product life cycle.

The result could be represented in this graph. The approved proposal of a new product could be used to initiate a new project. At the end of the project this will yield a new product needing support in a commercial context.