The objective of this study was to assess the current Iron Triangle Project ManagementrnPractices and Challenges of Commercial Bank of Ethiopia (CBE) in relation tornInformation Technology Projects. In this work, attempts were done to examine andrncompare CBEâ€™s practice with the available Project Management Standards and bestrnpractices. In this descriptive survey, mixed research method was employed. Datarncollections were done using questionnaire survey, document analysis, and interviews. Tornanalyze the data descriptive statistics using 5-point Likert SPSS tool was employed.rnMoreover, the findings were organized into four basic categories namely: GeneralrnProject Management process Aspect, Project Scope Management, Project TimernManagement and Project Cost Management. Accordingly, the major findings are: (1)rnLack of experienced Project Managers, (2) unable to use historical data and WorkrnBreakdown Structure (WBS) as input in defining project schedule and estimating detailrncost of labor, material, and equipment separately, (3) weak practice in application ofrncomputer software or tools in managing of scope, cost, and time, (4) there is a gap inrntime phased budget preparation, regular budget update, performing variance analysis,rnand forecasting budget, (5) did not prepare the detail WBS following project scoperndefinition, (6) Historical data are not well organized and accessed to project managers.rnIn addition, this research identified major challenges such as (1) unable to use computerrnapplications and tools in managing Iron Triangle Elements, (2) IT Project Managersrnwere unfamiliar with different PM Standards, (3) lack of Standardized ProjectrnManagement Methodology, Templates and Procedures, (4) Absence of ProjectrnManagement Training, and (5) Lack of Documenting Lessons learned. As a concludingrnremark, understanding and well managing of the Iron Triangle elements is crucial tornproject success. Moreover, understanding the nature of IT projects, applying pertinentrnmethodology, Standards or Best Practices, and awareness of numerous and variedrnchallenging issues surrounding the implementation process could contribute to the wholernprocess of IT Projects Implementation.