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This research paper presents an attempt to reviewing different frameworks being deployed and implemented in industry i.e. PMBOK, CMMI, ITIL, in order to realize their application for specific market segments and scenarios. Comparative study between PMBOK & CMMI frameworks was conducted and grey areas and areas where they can complement each other were identified. Also, an effort has been made to investigate possibilities to integrate ITIL with existing frameworks of PMBOK & CMMI in order to customize these technology neutral / platform neutral frameworks for addressing specific needs of IT industry.