In this diagram, I try to work out some of the differences between a more narrowly focused project team, and a more broadly focused product team.
Projects can be outcome, and benefits focused (not just output focused). Benefits realization is a thing. A product team embarks on initiatives, and makes bets and investments (aka Projects). At least in theory, project/program/portfolio governance cares about expected benefits AND actual benefits. So, I dunno, I’m not irked by the word project.
I frequently encounter debates about Projects (and estimates). When you step back, you see it really doesn’t have much to do with the word Project (which is rather open and malleable). Rather, you see that it is about scope of responsibility, who does what, and who decides what. That’s what I wanted to dig into here.