project:if the requirements are coming from outside the company i.e particular one person or organization then the outcome of the task is project.
1. Specifications will be given by Client
2. Client views/ requirements will be considered
3. End user is one
4.Once developed it will be finished and further updation also possible if client required
product: if the requirements are coming from with in development company the out come of the task is product.
1. Company designs product
2. Company with own views (based on market) develops product
3.End users are more than one
4. Never ending process
5.Customization is possible .
project means it is developed for a particular client only. for example wat are the companies like wipro,capgemini produce they are called projects
but at the same time product means developed for multiple clients, means microsoft provide .net it is used for multiple clients not only for one client