Information systems projects are collective, collaborative, complex, knowledge-intensive and creative efforts that involve many people working in different phases and activities. Therefore, the knowledge and its management are considered valuable resources for guaranteeing the success of these projects. This paper attempts to present a conceptual framework that integrates the knowledge management processes (discovery, capture, sharing, and application) during the phases of information systems project management (initiation, planning, execution, and closing-down). It is expected that the application of the proposed framework by IT companies will improve the success rate of IS projects, through enhancing the exchange and transfer of knowledge and experience among team members. This will also result in establishment of a knowledge repository that will serve as a reference of best practices and lessons learned that will support decision making for upcoming futuristic projects.