The undertaking of managing the Information systems projects has become a critical challenge for many information technology companies. This is due to the fact that these projects are complex with many diverse phases and activities; knowledge -intensive that depends heavily on the people's knowledge; and collaborative that involve many people working hand -by-hand for long period s of time. Therefore, there is a need for best utilizing the knowledge of all members of the project during all phases in order to get it done as needed. Actually it is the role of knowledge and its management as valuable resources for guaranteeing the su ccess of these projects and avoid repeating past mistakes. This paper attempts to present a new paradigm that combines the knowledge management processes (discovery, capture, sharing, and application) with the phases of information systems project manageme nt (initiation, planning, execution, and closing -down). It is expected that the application of the new paradigm by IT companies might improve the success rate of IS projects, through enhancing the activities of combination, exchange, socialization and transfer of knowledge and experience among project members. This might also lead to developing an organizational memory of a knowledge repository that shall serve as a reference for best practices and lessons learned that might in turn support the decision mak ing process for further projects.