Despite significant research in the area, many IT projects fail to realize their targets with regards to time, budget or functionality. Resources continue to be committed to projects even though information is available which indicates that they are no longer viable. Prospect theory explains that these decisions can result from the risk preferences of individuals. A framing effect occurs when specific words are used, or attributes are emphasized, which influence these risk preferences. This research uses text analysis to determine which types of framing are applied by project managers when discussing a project. This information is used to gain insight into their so-called ‘project frame’ which helps to predict their decision making behavior. The findings demonstrate that the three main types of framing are indeed applied during conversations and that these can be linked to either a positive or a negative project frame.