This conceptual paper examines the context of transformation in project management disciplines to develop an advanced project management knowledge base. The importance of achieving a project owner’s benefits in managing transformation projects is well-acknowledged. However, the extant project management bodies of knowledge have not fully addressed this transformational aspect, and tend to focus heavily on a project supplier’s delivery capabilities. We argue that the execution-oriented project management knowledge base limits the advance of current project management studies. We review three key themes: ‘project capabilities and the distinction between a project owner’s and supplier’s project management capabilities’, ‘transformational benefits in a project/programme management context’ and ‘project management body of knowledge models as competency frameworks to support dynamic capabilities’. Based on the review, the project management knowledge framework, developed from the Peter Morris’ Management of Projects model, is provided as a new knowledge basis for project management disciplines.