Whenever you go shopping in a marketplace of any kind, the ultimate goal is to exchange some form of currency for a particular item of need and or desire. That item is typically referred to as a product. In the context of the project management sphere, the idea or concept of a product relates to the concept of a particular and unique artifact that is ultimately generated, can be quantified, and can be upon analysis be determined to be an end item of the project management process of can in fact be a component item of the process as a whole. When identifying key components of the project management life cycle, the project management team and or the project management team leader may also refer to the product by similar terms, such as that of materiel or also as goods. The concept of product can be better understood by contrasting it with another type of deliverable, which can be referred to as those of results or services.
This term is defined in the 3rd and the 4th edition of the PMBOK.