This study investigates the development of a project management methodology (PMM) to be adopted in a university-industry collaborative (UIC) research environment through semi-structured interviews with project leaders from both universities and industries. This paper presents the findings of a qualitative survey conducted with respondents from the universities and industries involved in collaborative R&D projects in Malaysia. These findings together with those of previous works were used to design an appropriate PMM. The validity of the PMM was assessed by a panel of experts including recognized leaders in the field. The novelty of this survey research is in the creation of a PMM guidebook that offers guidance to the actors involved, assisting them to plan, manage and close their projects successfully.