This paper presents the results of study of the analysis of the formation of a portfolio of innovation projects based on the management of their life cycle parameters. An algorithm for forming an innovation portfolio is proposed, which includes analysis of the duration of the life cycle stages and determining the level of competitiveness of the planned innovations in the portfolio, assessing risks, and forecasting the expected economic results when implementing them. An algorithm has been developed that allows choosing the optimal set of risk management methods as a part of an innovation project, which includes identifying factors that increase and decrease the impact of a particular risk on the innovation implementation process. The proposed methods of monitoring the competitiveness of innovation projects allow assessing the competitive possibilities of an innovation project, which allows determination of the main directions for its implementation.