The article explores how to manage innovative projects in a business using a portfolio approach. It discusses creating portfolios, managing innovation portfolios, and the importance of interacting with the socio-economic environment. The article also looks at different models for managing project portfolios, selecting projects, and allocating resources. It reviews various concepts of portfolio management, addresses organizational challenges in project-based organizations, and suggests ways to manage a portfolio of projects effectively. The main focus is on developing programs and project portfolios.