The objective of this research article is to examine the potential benefits of applying the ISO 21500 standard in a consultancy firm in Iceland. Qualitative research was conducted to explore how the employees of a certain company viewed processes such as risk, cost, time, and project management. This was done by researching how the prevailing situation is before the application of ISO 21500 and to establish whether there would be any benefits from incorporating the standard. The results show that the standard can benefit companies even if they have several other ISO certifications. The benefits include greater synchronization of processes in projects, increased solidarity with clearer boundaries and known expectations, and finally, a potential increase in quality