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Project Management offers a variety of methodologies which provides managers with different techniques and tools to use during project planning and implementation. At the same time there is a substantial lack of systematized approaches to the management of innovation projects. In this article key factors in the selection of appropriate techniques in innovation project management will first be identified. Theoretical analysis of different project management standards and possibility of their use will then be discussed. In addition how the techniques can be applied will be investigated through academic paper analysis. . This research makes a theoretical contribution to the field of project management by selecting and determining which project management techniques can be adapted and applied to innovation projects. Recommendations for practical application are based on theoretical findings of the research. These include two main factors, which are: influencing the choice of project management techniques and the structure of project selection process. The significance of the results obtained is confirmed by creation of theoretical knowledge, which permits to thoroughly understand and capture issues which may emerge during innovation project planning and implementation, through the use of established project management methodology.
