Product Management Insights (software development)

In a couple of weeks I'm giving a presentation on Software Product Development / Project Management to a group of university students that are doing a Master of Engineering Management degree.

Most of my insights are from working as as software engineer, so I thought it might be valuable to reach out here and get some wider insights / takeaways that I can share with the students.

So here goes:

What roles have you played in software product development, and what insights have you had? In your experience, what does good project management look like, and what are some of the pitfalls / gotcha's to be aware of?

Thanks in advance for sharing, I'm interested to hear what people have to say!