Long perceived in the classical literature as focused on technical aspects, project management is re-viewed in an empirical investigation that underscores the place of value judgment. Adopting a grounded theoretical research strategy and drawing on Chaim Perelman's rhetoric and Schön's pragmatist view of design activities for the theoretical framework, we explore the inquiry process by which actors grasp project situations. This article contributes a model of the key constituents of the inquiry process, characterized as a to-and-fro movement between descriptive and design practices. Some rhetorical issues that hinder or nurture this inquiry process are examined. Practical and pedagogical consequences are identified, pointing to the importance in project management of “pragmatizing” theoretical knowledge and developing reflective practice.