With growing maturity of social media over the last few years, many companies started using these tools to interact with customers and employees. Business functions such as Sales, Marketing and Human Resources have innovatively embedded these technologies to support their processes and became, as such, an instrument for renewal. The use of social media in Project Management, however, seems to be very limited. The profession lags behind having difficulty keeping pace with the rapidly evolving web 2.0 driven technological innovations which are delivering on their promise to foster collaboration. The paper discusses the potential of social media in the project management practice. As the move towards harnessing the power of social media within the Project Management framework requires adequate organizational change, the study also addresses the implications of such an initiative on structure, culture, and control.