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This book gathers an important research process in the field of project management, addressing a current issue for the challenges posed by highly competitive environments, such as the relationship of projects with knowledge, more specifically with external knowledge. For this purpose, it uses the dynamic absorptive capacity, a concept widely used in the scientific literature but little explored in project management. The book also presents a practical tool to determine the magnitude of the dynamic absorptive capacity. This makes it possible to establish a baseline to initiate a process of continuous improvement, which provides the opportunity to improve the competitiveness of the organization based on proper knowledge management. In this same sense, the model presented in this document contains a series of intervals that offer the possibility for the organization to catalog its results qualitatively.