Background and Purpose: The selection of a “right” project management methodology for a particular project represents a problem of great importance. Its solution affects crucial project parameters like cost, duration, product quality, and the project’s success in general. The purpose of this study is to present a method for the formation of the project management methodology and illustrate its applicability on a software development project’s example. Design/Methodology/Approach: In this study, we describe the method of project management methodology formation that allows the forming of a specialized methodology for any IT project considering the fuzziness of information about the project, its environment, and existing expert’s recommendations. The method involves 1) collecting baseline information using a questionnaire, 2) calculating weighted Hamming and Euclidean distances, 3) solving a three-criterion optimization problem using a minimax approach with fuzzy input data. Results: All six stages of the project management methodology formation’s method (project evaluation, basis selection, alternative methodologies formation, methodology selection, methodology application, and methodology tailoring) were applied to form a specialized project management methodology for an IT project to increase the possibility of its success. The most appropriate alternative based on DSDM was selected and applied to manage the project. Conclusions: The given method allows the forming of a specialized project management methodology based on the components of Generalized Body of Knowledge for any IT project considering specific conditions of the project and its environment.