We all know that projects are considered successful only when they are completed within the boundaries of scope, time, cost and quality. Bad project management is detrimental and can be very difficult to deal with – for especially large projects that involve a lot of money. A small percentage of several projects undertaken across the globe are really successful. Projects do get completed and closed but not necessarily are considered successful due to cost or schedule overruns – cost overrun – being the most common cause for project failure. Therefore, it is imperative that organizations employ better ideas and novel methodologies and frameworks in managing projects.