Research and Development (R&D) project managers in Higher Education must deal with uncertainty, ambiguity, competition, accountability and different objectives for professors, scientists, firms, users and other stakeholders. Formal project management frameworks are commonly adapted to support this. However, the wide range of challenges related to R&D inhibits truly effective and efficient approaches. In this paper, the R&D project management literature is analysed, chief concepts are examined, and key areas to be considered by any management approach in Higher Education institutions are suggested. This will lead to more realistic management practices, focused on their added-value and on that of the particular project and not on the management framework/methodology per se. The particular case of collaborative private-public R&D projects funded by public funds is addressed in view of their increased importance as a key instrument for the implementation of public science policies.