The project manager job is to manage the project by make sure that everybody is doing their jobs right, by making deadlines which are met, manage a team of professionals, manage the budget and schedule. As the project manager the responsibility of the other team member are down to them such as the health and safety to completing the task to a deadline.
A managing director is someone who is responsible for the day to day operation on a film set or in a newspaper company. It is there job to manage things such as the staff, the customers, the budget and any other of the company’s assets.