The telecommunication industry in Brazil has evolved to an advanced state and growing competitiveness since the privatization of the sector in 1998. In the last six years, the Brazilian telecommunication system has progressed from inefficient and outdated to world class. To succeed in the current highly competitive environment, telecommunication service providers must focus their strategy on their market and clients. These firms must be able to implement strategies that assure the quality of their products and services and client satisfaction. The objective of this research is to assess how project management can contribute to effective strategy implementation to guarantee and sustain competitive advantage in a dynamic environment. The investigation follows a case study format, and its object of study is the Brazilian telecommunication company EMBRATEL. Instruments of data collection range from documental/telematic compilations to perception survey through structured questionnaires and interviews. Data analysis, based on both quantitative and qualitative methods, and interpretation were based on academic references, based on research of available literature, and in most part with the support of the systemic and integrative model developed by Macedo-Soares (2001b). Among the most significant results, it fits to highlight the fact of the company doesn´t have a well- implemented project management methodology. It was recommended that EMBRATEL should develop a corporate methodology in projects management, based on the best practices of the market and integrated into the measure system for control of the strategic actions.