ABSTRACT
Most small, evolution-type innovation does not require a formal project management system, but all projects need to consider the elements of a comprehensive project management approach. For small, obvious evolutionary-type innovations involving a limited number of people, a documented comprehensive project mission document, including a work breakdown structure that shows what has to be done and the interrelationships between activities and people, is sufficient. It is important to note that Project Management principles can be applied to any project and not just innovative projects. A formal project management process may be started as early as preparation of the value proposition. Project management is the application of knowledge, skills, tools, and techniques to project activities in order to meet or exceed stakeholder’s needs and expectations for the project. The Project Management Body of Knowledge defines sixty-nine different tools that a project manager needs to master.
