Project management has lived long through a growing criticism of not delivering to expectations. When agile development and lean management approaches are now emerging to product development, this paper assesses their impact to current practices of project management. It is indicated that the very basis of the project management has shaken, and new management approaches need to be developed to accommodate the agile development in contemporary product organizations. A proposal is made for the outline of such an approach. In conclusion the changes in business management needed to enable this new approach is discussed.