The article discusses how to manage the cost of an innovative project in the industrial sector. The researchers analyzed different methods for estimating project costs and developed a model for cost management. They identified factors influencing cost determination and created a process for selecting the best cost estimation method. The study also proposed a structure for managing project costs, including stages like cost estimation, planning, and control. The researchers developed a graphic model for cost management and highlighted key indicators used in cost determination. Overall, the study offers a practical approach to effectively managing the cost of innovative projects in the industrial sphere.