The advent of Web2.0 has believed to be the solution against many barriers in information sharing, especially wiki. Information sharing and collaboration are realized voluntarily and unselfishly with wiki. The purpose of this paper is to analyze the benefits and challenges of using wiki as a project management method in an IT/IS project. Wiki-based project management could provide project managers and members with expert knowledge collaboration for better project results. In the research model, we used TMS(Transactive Memory System) theory to define the relation of collaboration and performance of project members. Based on a survey among project members, the interactions between wiki characteristics and performance are examined in an IS project environment. Using Smart PLS 2.0, the data was analyzed to define the interactions by the structural equation modeling. From the empirical data, the mediated effect of expert knowledge collaboration is supported. We also derive the implications of wiki-based method. It is expected to bring new possibilities of Project management performance.