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A product life cycle talks about the various stages a product goes through before it actually declines on the other hand the project life cycle is the set of activities that you need to complete to finish the project. This means that the stages in the product life cycle are controlled by external factors like entry of competitors, the cost structure, customer response etc but project life cycle is controlled by the one who is carrying it out. All products go through the same stages, some progress quickly while others do so slowly. The steps in the project life cycle can be delayed or skipped but this is not possible in the product life cycle. Generally people try to speed up the project and complete it as early as possible while they try to slow down the product life cycle stages.
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