(1) A system considered from the point of view of a physical “system end product” (ANSI/EIA 2003) made of system elements that may include hardware, software, infrastructure and support services. The people and organizational aspects of the “whole system” of which the “product system” forms a part have to be considered in the design, but are provided by another organization. (INCOSE UK Chapter 2010)
(2) An artifact that is produced, is quantifiable, and can be either an end item in itself or a component item. (PMI 2008)
PMI BA Guide
Product. An artifact that is produced, is quantifiable, and can be either an end item in itself or a component item. Additional words for products are materials and goods. See also deliverable and service.
product (business analysis): A solution or component of a solution that is the result of an initiative.
The word ‘product’ is commonly used to describe durable or tangible goods. However, more correctly, products can be goods or services, and are distinguished by tangibility: goods are tangible and services are intangible. From the customer’s perspective, the product is the overall experience provided by the combination of goods and services to satisfy the customer’s needs.