Product analysis is an important project management process that is necessary for projects that have products as part of the deliverable. It is a tool that is used to define the scope of the product. It basically means that when analyzing the product through its scope, questions can be asked about it [product]. Moreover, the project team is also encouraged to formulate answers to describe the characteristics, functions and other relevant to the product that will be manufactured.
Product analysis is an effective tool in project management. It is used in determining wether the product that will be delivered will be effective in drawing in its target client. It is important to take note that each application area has generally more accepted methods to create a good product that can be released to the market but product analysis includes different sets of tools to analyze the product. These techniques include systems analysis, product breakdown, system engineering, requirement analysis, value analysis and value engineering.
All of these are necessary to effectively analyze a particular tangible product and deem it effective in the current market.
This term is defined in the 5th edition of the PMBOK.