A product owner is a demanding position in the market because whole the team management and completion of the project is based on him, Whereas A scrum master is a person who handles all the queries and gives a solution of the problems, so for this, a … Is able to say “No” and has the reasons for it.Is not a task master who dictates to the team but a great Influencer who has the answers to “what has to be done” and “why it has to be done”. A Scrum Master, however, helps ensure the scrum team is successful. In this article, my focus is to the bring out the differences between Waterfall and Agile methodologies based on my experience as a PMP® and Agile Coach. At regular intervals, the team reflects on how to become more effective, then tunes and adjusts its behaviour accordingly. Regardless of this added complexity, here we define the formal distinctions between the two. Makes adjustments in the product vision and strategy according to customer feedback. Since there are various types of customers and users, it is very important that the product owner has a proper understanding of the varying needs as well as that of the business domain. This has created a good demand for the PO role in the Software Industry. In bigger companies, the product manager stands a level higher than the product owner and serves as a connector between the house and the outside world. Adjust the features and prioritize as per needs after every sprint. Manage reports and other important documents: Final reports and documentation are two very important tasks for the project manager, where they document all the projects requirements that have been fulfilled, along with the history of the project, which includes what has been done, who all were involved and how it would have been improved in the future. The role of a Project Manager has been around since the very beginning. The Product Owner is focused on prioritizing, getting the backlog ready, and they’re asking for “more, more, more” when it comes to business value. User stories are more understandable by all stakeholders (technical/non-technical/business/operations). If the story is too big and not sizeable, then the story should be refined or decomposed further. The POs closely work with their Customer facing counterparts in the various customer locations, serving as the liaison between Business Teams and Engineering teams.The PO ‘s role is key for the success of the Agile way of working. 2) Project Risk Management A few years ago I shared a blog post about agile risk management. Advantages and Limitations of Waterfall MethodologyAdvantages:Ability to apply due diligence in planning for well-defined requirements and scope Dependencies are managed effectively as the entire requirements are known well in advance Well defined processes pave the way for quality deliverables Phase-gate reviews allow stakeholders to eliminate any ad-hoc changes and unplanned additions to the project Works well for small projects for a well-defined requirement that is very well understood, and is not likely to change over the duration of the project Avoids scope creep with systematic implementation of change management process Simple and easy to understand Scope, time and cost baseline helps the management to monitor and control the project accordingly Limitations:Requirements are expected to be defined well prior to development which delays the project Less flexibility in changes makes it difficult to manage Feedback is received from the customer at the end of the project and hence any negative feedback or defects proves costly for the team to fix Does not accommodate any changes due to market dynamics and its rigid approach to changes Cost of change is more as the defect is identified by the customer at the end of the project Ineffective team collaboration as the team works in silos (dev, testing etc) Integration is considered at the end and that prevents identification of any technical or business bottleneck Advantages and limitations of Agile MethodologyAdvantagesFocusses on business value as developers and business work together Stakeholders are engaged effectively in every iteration Motivated and self-organizing teams that manage themselves Predictable and ensures less variations in the project Harnesses change and is more customer centric Working software is the measure of progress. The story should be written with just enough detail so that it paves the way to open discussions with the product owner or business, and helps to elicit details or come up with creative solutions. Hence it is very important that a project manager sets realistic deadlines and makes sure that the team adheres to it. Initially the product owner elicits the requirements from the stakeholder and they are stored as EPICS, Features and User Stories in the product backlog. Both Product Owner and Project Managers are management roles, who work with the team to accomplish a common goal: Bringing the project across the finish line. Makes sure that the decisions made in the organisation are shaped according to the feedback received. These roles and responsibilities are universal and are applicable to all project managers. You also need people who work closely with the specific development team on articulating the vision of the current user story and who focus on making tough decis… I think because many had a view to traditional project managers they’d worked with in the past, and they were having trouble mapping these skills into the role of Product Owner. INVEST in User StoriesThis is an acronym for a set of attributes or criteria that helps us to assess the quality of the user story. The agile approach to planning, executing, prioritizing, grooming etc allows the agile team to respond to change quickly. A project manager is responsible for leading a project from the starting till the end, which includes planning of a project, execution of a project, delivering the project on time, on a schedule and in a budget as well as manage the people and resources. In giving up some of the control to the team, a project lead by a product owner becomes more flexible. Team members may be allocated from different functional units and may not be seated together. But you wouldn’t know it based on some job descriptions out there. Project Size: Complexities increase with an increase in project size. Ken Schwaber and Jeff Sutherland introduced their innovative approach to the project management they did not change a general conception of a project. It is important to build trust and facilitate proper communication between team members, stakeholders or sponsors, keeping in mind the success of the project. When in the mid-1990s. User stories help create transparency of the priorities defined by the product owner and the customer. When organisations are transitioning to Agile, it is often pondered upon if the role of Project Manager will be required when using Scrum on a project. They raise defects and the development team works on them. Project managers prefer Gantt charts; product managers prefer enterprise Agile tools . As product management expert Roman Pichler explains of the product manager-product owner distinction, the product owner role traces back to the Scrum agile methodology for project management. Monitor Progress: It is important that a project manager monitors and analyzes the team performance and expenditure and take effective measures to do so. Each team has it’s own Scrum Master and (quite often but not always) a Product Owner. It is also a badge of accomplishment and achievement for a Product Owner, not only to set them as a class apart in their own organization, but also in their wider Product Management community. This is one of the challenges that the team faces especially when they have just started adapting agile ways of working. 1. IDEPICSE1As a Sales Professional, I want to generate reports so that I can take a decision on the marketing strategy for the upcoming quarterE2As a Banking Customer, I want to access net banking, so that I can access my account and make transactionsE3As an Administrator of the software, I want to access master records so that I can make changes to customer dataIDFeaturesE2F1As a Banking Customer, I want to access Savings account so that I can view/make transactionsE2F2As a Banking Customer, I want to access Credit Card page, so that I can view and make transactionsE2F3As a Banking Customer, I want to access Loans page so that I can view my loansE2F4As a Banking Customer, I want to transfer funds, so that I can move my funds to different accounts within my bank and other banksIDUser StoriesE2F1U1As a Banking Customer, I want to access/view summary of my savings account, so that I know my balance and other detailsE2F2U1As a Banking Customer, I want to Login to Net banking so that I can view credit card detailsE2F4U1As a Banking Customer, I want to transfer funds within my own accounts so that I can move some balance across my accountsE2F4U2As a Banking Customer, I want to transfer funds from my account to another account in another bank, so that I can send money to my family and friends who have accounts in other banksE2F4U3As a Banking Customer, I want to add beneficiary to my account, so that I can transfer funds to the beneficiaryTechnical StoriesE2TU1As a Net Banking Administrator, I want to have the customer’s data backed up so that I can restore it any time in case of issues E2TU2 As a Net Banking application, I want to shake hands with another bank using a specific formatted XML so that funds can be transferred based on the customers’ needs Conclusion Transformation of documentation on user requirements in a Functional Requirements Document (FRD) or Software Requirement Specification (SRS) in a traditional project management, towards User Stories in Agile project management, is a massive step. This focuses on the values and principles defined in the Agile Manifesto which states Agile Manifesto: Individuals and Interactions over processes and tools Working Software over comprehensive documentation Customer collaboration over contract negotiation Responding to change over following a plan Principles: Our highest priority is to satisfy the customer through early and continuous delivery of valuable software. Delivery Process: The process of delivering results becomes more complex for medium-scaled or large scaled projects as it requires a great deal of planning and structuring. Recently, I became a certified scrum product owner. Strategy It would be easier to help you if you provided more information about your background / experience. Product Management 2. However, there are many other risks that one might face and which needs to be managed in the traditional manner: identifying, logging and managing. 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