The importance role of innovation and technology is widely recognized in the corporate change, growth and profitability, but the main challenge is how to facilitate the innovative process and tools for practices and research, especially in project-based organizations. Where, conventional project management methods are oftentimes insufficient for managing innovation projects. In project-based firms, innovation is almost lost under the predetermined scope and predicted environments of traditional project management. There is tremendous pressure on organization to innovate and the project managers are responsible to manage these innovation projects effectively. Therefore, innovation project management calls for providing the tools and technology (AI), perceptions, and metrics needed; in order to manage innovation projects successfully; helping PM's and stakeholders to identify problems in their organization, conceive elegant solutions, and, when necessary promote changes to their organizational culture. Thus, for this paper, authors attempt to conceptualize the innovation project management; to facilitate the innovation within project environment and to gain the ultimate corporate goals through their projects accomplishment.