Knowledge is widely recognized as a source of competitive advantage for project teams and organizations, but its value depends on effective management and sharing. While project management is well-defined, knowledge sharing practices within the context of project management remain inconsistent, limiting their impact. This study assesses the role of knowledge sharing in project management and explores ways to enhance its effectiveness. A mixed-method approach was used to collect quantitative and qualitative data from project and knowledge workers. An online questionnaire gathered insights from 53 participants, revealing that while project teams understand the importance of knowledge sharing, management buy-in remains limited. As a result, knowledge sharing efforts are deprioritized in favour of immediate business value. Key challenges include insufficient time and budget for maintaining knowledge repositories, leading to repeated project mistakes and unnecessary rework. Findings from this research informed the development of a conceptual framework based on the SECI model by Nonaka et al., offering structured guidance for integrating knowledge-sharing into project management. By addressing these barriers, organizations can improve project outcomes, minimize inefficiencies, and enhance long-term knowledge retention, ultimately strengthening their competitive edge.