The growing complexity of projects today, as well as the uncertainty inherent in innovative projects, is making obsolete traditional project management practices and procedures, which are based on the notion that much about a project is known at its start. The current high level of change and complexity confronting organizational leaders and managers requires a new approach to projects so they can be managed flexibly to embrace and exploit change. What once used to be considered extreme uncertainty is now the norm, and managing planned projects is being replaced by managing projects as they evolve.