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The PI-Mode is NASA's new approach to project management. It responds to the Agency's new policy to develop scientific missions that deliver the highest quality science for a fixed cost. It also attempts to provide more research opportunities by reducing project development times and increasing the number of launches per year. In order to accomplish this, the Principal Investigator is placed at the helm of the project with full responsibility over all aspects of the mission, including instrument and spacecraft development, as well as mission operations and data analysis. This paper intends to study the PI-Mode to determine the strengths and weaknesses of such a new project management technique. It also presents an analysis of its possible impact on the scientific community and its relations with industry, NASA, and other institutions.