this video Compares product-based and project-based development efforts using the agile 2.0 application in the Strategic portfolio management product servicenow agile 2.0 supports two types of Agile development efforts product-based efforts and project-based efforts in product-based efforts stories Sprints and other agile activities are tied to a specific product led by a product owner the product can be a complete application or a component of a larger product this is a long-term approach Agile development occurs indefinitely over the product's lifespan in project-based efforts Agile development is part of a project with a defined scope and end date led by a project manager these efforts incorporate Agile development methods into a traditional waterfall project structure project-based efforts are common because the financial side of many companies is structured to fund development efforts as discrete projects whether the development effort is product based or project-based the agile teams use the same scrum methods to implement the themes epics and stories a typical product-based effort starts by defining the product in terms of its features and functionality or in the case of a large software application describing multiple component products these features become agile stories that identify the user the user's goal and the reason for the goal these stories make up the backlog for the product the product owner prioritizes the stories and combines the highest priority stories into a release backlog organized into themes and epics Agile development teams Implement and test the release backlog in Sprints following a release timeline this process can be repeated indefinitely improving the product release after release it ends only when it's valued to the product no longer justifies the cost there are two standard ways to create an agile project first and stories first in Project first approach we use the demand management process to create and fund a project then we carry out the project using a mix of agile stories and Sprints and traditional project tasks for example a company might identify a need to enhance the security features of its software it would then collect initial requirements create and fund a project develop more detailed requirements in the form of agile stories and project tasks and ultimately implement the stories using scrum techniques and execute the tasks using conventional workflow in the story's first approach we collect new requirements in the form of agile stories after collecting enough stories we create and fund a project through the demand management process for example a company might collect requests from customers for enhancements to a software product create an agile story for each request combine a set of related stories in an agile theme create and fund a project to execute the theme and finally implement the stories in the theme using scrum methods depending on your need you can use either of these development efforts in the Strategic portfolio management product for more information see our product documentation or knowledge base or ask a question in the service no community