This paper critically evaluates the applicability of the Project Management Body of Knowledge (PMBOK) Guide framework to Artificial Intelligence (AI) software projects, highlighting key limitations and proposing tailored adaptations. Unlike traditional projects, AI initiatives rely heavily on complex data, iterative experimentation, and specialized expertise while navigating significant ethical considerations. Our analysis identifies gaps in the PMBOK Guide, including its limited focus on data management, insufficient support for iterative development, and lack of guidance on ethical and multidisciplinary challenges. To address these deficiencies, we recommend integrating data lifecycle management, adopting iterative and AI project management frameworks, and embedding ethical considerations within project planning and execution. Additionally, we explore alternative approaches that better align with AI's dynamic and exploratory nature. We aim to enhance project management practices for AI software projects by bridging these gaps.