This exploratory research investigates the effectiveness of an attempt to benefit from ‘lessons learned’ through the implementation of a formal project management methodology. A synthesis of the relevant literature forms a basis for the research and identifies existing weaknesses. Building on research to date, a series of pilot interviews relating to government sponsored information systems projects is used to develop a conceptual model, and this is used to illustrate the transfer and conversion of knowledge through a full or partial cycle of identification, storage, access, absorption and finally ‘knowledge in action’. The research which this ‘research in progress’ paper introduces, aims to facilitate improved knowledge management for both academic and practitioner audiences through identifying what has worked well in previous projects, as well as issues that could have been managed better. It develops a conceptual model which will be improved and developed further through a series of case studies.