Innovation is indispensable for any organization to stay competitive in the dynamic environment. Competitors are thriving to achieve excellence through anticipation and innovation congruently. In this paper, we tried to draw the attention of academics and practitioners to consider the application of project management tools and techniques to encapsulate the dynamics of project cost and time within the context of innovation. There are several challenges and opportunities exists in the

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... of project management practices to achieve organizational strategic goals that leads to innovation in stipulated cost and time. As a matter of fact traditional project management practices needs to be reevaluated and contemporary practices should emerge to extend the current knowledge base in the domain of innovation project management.