Project leaders rely on the competence and knowledge of team members to implement successful projects in changing environments. Leaders mobilise knowledge and learning generated during project implementation to support team members’ diverse expertise, integrate different stakeholder expectations, enable collective performance, and ensure project success. The paper presents a theoretical model that supports team knowledge and competencies within the project development effort through the mechanisms of interaction and feedback. It suggests that facilitating the flow of dynamic knowledge during project implementation improves decision making and team performance. Moreover, the proposed model has longer-term implications regarding project leaders’ ability to manage context, provide feedback and support interaction.