Engineering and Product Management - What's the Difference?

A lot of the organizations I've spoken to have more of a branched out model where product and engineering are completely separate organizations that then come together cross-functionally. Do you see any trade-offs between having them be separate organizations versus under the same sort of management chain? That's a really good question. We have had the separation in the past, but what we find though is it gets weighted towards one side after a while. Then engineering teams tend to not be able to get the things done that they want to do.