The IT system has turned out to be a significant asset for every organization, for the accomplishment of various business activities. Information technology projects influence straightforwardly on the productivity of a business. Even though there has been considerable development in IT system development methods. There are also some of the vital problems like development delay, financial plan overruns, inferior performance or yet total breakdown still happen often in IT development projects. Implementation of the high technical qualities is significant on the other hand elevated excellence management is as well vital in handling by means of the huge difficulty as well as a range of nowadays information technology development. Project managers have to be capable to recognize difficulties in the entire parts of the development as well as take actions punctually to resolve them (Chu amp. Bannister, 1992). This research is aimed at providing a deep insight into the overall development, handling, and management of large IT projects. This research will outline the main problems and difficulties regarding the handling of the different areas of the IT project development lifecycle. Before we go towards the actual topic we should know a few definitions. Project: A project can be defined as a temporary activity with a starting date, definite aims and objectives and conditions, defined activities, a budget, a planning, a set completion date and several parties engaged (SoftwareProjects, 2007). Project Management: Project management is a collection of activities consist of planning, scheduling, and then managing the activities throughout the system development life cycle (Shelly, Cashman, amp. Vermaat, 2005). This section is about the elaboration of the main problem situations can happen for the handling, development, and management of the large and complex.