AbstractProject-based firms (PBFs) have to sense and seize new project opportunities by dynamically adapting and reconfiguring resources and activities to survive in the fast and highly competitive business environment. Yet, it is inconclusive on how project experience alters the way of responding to the vibrant environment. Grounded on the dynamic capabilities theory, this study aims to examine how consulting firms with different project experience configures dynamic capabilities to be competitive. To do so, this study first reviews the literature on dynamic capabilities applied to project management, followed by a questionnaire survey and case studies to better comprehend how PBFs with varying project experience use their dynamic capabilities. Fuzzy-set qualitative comparative analysis (fsQCA) was employed to analyze the questionnaire-survey data. Drawing on dynamic capabilities theory, the dynamic capabilities of PBFs are conceptualized as a four dimension framework, comprising project opportunity sensing, external integrating, internal coordinating, and project-based learning. The empirical results show that PBFs with richer experience would less rely on project opportunity sensing but still have to commit to external integrating, internal coordinating, and project-based learning. This study contributes to the body of knowledge of applying the dynamic capabilities concept to project management to understand how PBFs position themselves in the fast-changing environment.