Purpose – To explore the role of intangible project management assets in achievement of competitive advantage from the project management process through it being valuable, rare, inimitable, and having organizational support. Design/methodology/approach – Data were collected on tangible and intangible project management process assets and competitive characteristics of the project management process using an online survey of North American Project Management Institute™ members. Three key tangible asset factors, one intangible asset factor, and three competitive characteristics were identified using exploratory factor analysis. The relationship between these project management assets and project management process characteristics are examined using multivariate analysis. Findings – Intangible project management assets are found to be a source of competitive advantage, directly and through a mediating role in the relationship between tangible project management assets and the competitive characteristics of the project management process. Practical implications – This study highlights the importance of developing intangible project management assets, in addition to investment in tangible project management assets, to achieve competitive advantage from the process. Research limitations/implications – This was an exploratory study. The authors expect to further develop the instrument, refine the model and constructs, and test it with a larger sample. Originality/value – Few papers have used the Resource Based View lens and applied it to project management. This paper contributes to the literature on the Resource Based View of the firm and to an improved understanding of project management as a source of competitive advantage.