This document discusses a knowledge-based view of project management. It proposes that: 1. Current project management views context (conditions) and mechanisms (approaches) as fixed, but outcomes can vary. A knowledge-based view sees context as fixed but mechanisms and outcomes as flexible. 2. For countries with knowledge-driven economies, knowledge is the most important factor for living standards, more than resources, tools, and labor. 3. In a knowledge-based view of projects, knowledge is the most strategic resource, both tacit knowledge held by individuals and widespread ranges of knowledge. This influences how projects generate outputs and benefits.