Today Project management turned into a separate discipline with its standards, techniques and body of knowledge. There are more than 40 methodologies, the most recognition among them is standard PMBoK (Project Management Body of Knowledge). However, officially there is no single definition nor the term "project" nor the term "project management". The concept of "innovation" quite fully indicated, so innovation often is limited by time and budget, associated with novelty and irregularity, it is inherent uncertainties, risks, and weak of structure. In turn, the Project management uses technologies of managing resources to overcome the limitations of the budget, as well as a wide range of predictors and risk management, formalized and integrated management of individual project processes. All this makes the project management of highly effective technique to manage innovation.