The objective of this research is to examine the degree of competitive advantage from project management assets by exploring the link between the characteristics of project management assets as independent variables and project management performance outcomes as dependent variables. This paper analyzes data from responses to an online survey by 198 North American Project Management Institute members. Factor analysis is used to identify the characteristics of project management assets and the project management performance outcome factors. Seven factors that comprised the characteristics of project management assets, three factors that comprised organizational support for project management assets, and two factors that comprised the project management performance outcomes were extracted from the data analysis. Preliminary findings are presented in the paper. We draw on the Resource Based View of the firm as a lens to examine and validate project management capabilities as a source of competitive advantage. This paper contributes an improved understanding of project management as a source of competitive advantage for scholars and practitioners interested in project management.