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Which term refers to a single person having authority to oversee all aspects of a product's production scheduling, inventory, dislocation and sales?
1. Project management
2. Product management
3. Commercial management
4. Venture management

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Correct Answer - Option 2 : Product management

Explanation:

  • Project Management is the process which includes initiating the project, developing a plan, executing the project as per approved plan, monitoring and controlling the project, handing over the output of the project to the client and finally closing the project.
  • Product Management is responsible to oversee all the aspects of product's production is set a product vision and strategy that is differentiated and delivers unique value based on customer demand, define what product will deliver and timeline for implementation, provide cross functional leadership, most notably between engineering team, stores, distribution, sales, marketing and support.
  • Commercial Management is identification and development of business opportunities and profitable management of projects and contracts from in option to completion.
  • Venture management is a discipline that focuses on being both innovative and challenging in the realm of introducing what could be a completely new product or entering a promising new emerging market.
  • After the project has been successfully completed, production is undertaken. Product Managers look after the aspects of products production, production scheduling, and inventory requirement of location and sales of the project.

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