This paper presents a tailor-made value stream mapping (VSM) methodology for engineering projects with a focus on knowledge work. The VSM is a lean-management method for analyzing value-adding processes through material and information flow mapping. The tool helps organizations to reduce engineering hours, lower project costs and improve project margins. A documented systematic procedure for VSM for an office environment has been identified in the literature; however, there is no universal approach regarding a VSM methodology for knowledge work, specifically engineering design. This paper addresses these issues, by proposing a systematic procedure for conducting VSM for engineering design projects, along with a case study. First, the manuscript describes the examples of VSM attempts in knowledge work reported in the literature. Next, it demonstrates a case study, conducted in a project-based engineering-to-order (ETO) organization, where the main goal was to identify waste through a current project value stream map (CPVSM). Based on the findings, a future project value stream map (FPVSM) was developed and is presented in the article.