The apt management of IT human resources is a decisive factor for IT project success. Our paper first reviews the interplay of the technical qualifications of a project team's individual members before adopting the concepts of domain knowledge and technology knowledge to study how task assignment and IT workforce training contribute to a project's optimum realization. We use both internal and customer satisfaction evaluations to gauge project success. Our pilot study establishes that when interpersonal diversity in individuals' technical knowledge increases, the team is less likely to achieve good results; it also demonstrates that project manager/team member cohesiveness in domain knowledge improves project performance. We also examine the impact of individuals' qualifications on project life cycles before analyzing training programs that would increase the likelihood of project success. We hope this research provides actionable insights for better project management and execution and more efficient allocation of limited IT human resources.