You may reject it, but you then say ideally. My experience comes from working in technology firms in Silicon Valley for 38 years, with the last 12 in Product Management. Matrix organizations are a rarity these days in high tech and P&L responsibility in the hands of PMs even more so. Further development teams do NOT report to you. Yet the CMU announcement trotted out the PM as the CEO, meme. It is not true and does prospective students a disservice.