A substantial amount of IT projects fail or stay challenged in meeting their targets based on project schedule, budget and system requirements.  Leading global surveys in the last decade barely indicate any improvement in the statistical performance of IT projects in spite of the fact that a lot of effort has been taken in the past to identify and fix those critical factors on which the success and failure of IT projects are generally based on. The poor trend and the underperformance of IT projects still continue. Different researches based on different approaches identify different critical factors but to a very large extent people and processes are blamed. This thesis is under taken to understand the impact of Information Systems (IS) processes and methodologies in the success and failure of IT projects. Major challenges within IS processes, such as their initial identification, implementation and organizational process awareness are identified through qualitative research methods. ‘Identification and selection of IS process and methodologies’ is identified as a major challenge within IT projects and is discussed in detail as, why and what difficulties organizations face in the process of  selecting processes and methodologies on a given IT project. A couple of methodology selection frameworks to overcome these difficulties are presented along side with their critical review and improvement. We come to a conclusion that there is a growing need for more efficient and competent methodology selection frameworks as the ones which exist today are barely complete and efficient and if they do then only to a limited and partial degree.