American Journal of Business Management, Economics and Banking ISSN (E): 2832-8078 Volume 10, | March, 2023 P a g e | 80 www.americanjournal.org THEORETICAL PRINCIPLES OF APPLICATION OF PROJECT MANAGEMENT IN INNOVATIVE ACTIVITY Ravshanbek A. Yusupov, Philosophy Doctor, Docent, Head of Department Implementation of Masters’ Program of the Graduate School of Business and Entrepreneurship, yusupovravshanbek6@gmail.com A B S T R A C T K E Y W O R D S This article describes the wide-ranging socio- economic changes and reforms taking place in the modern economy, the need to improve the activities of economic entities on the basis of modern mechanisms, current problematic issues, changes and occurrences in the conditions of market relations. that it is the demand of the times to anticipate the opportunities that may come, to develop economic policy and strategy, and to provide these changes with a new method, a new technique - technology. It is this term "innovation" that today is dedicated to the classification of "innovation", "innovative activity", "innovative projects". Innovation, technique and technology, economy, idea, marketing, production, socio-economic problems, motivation, internal management system. Introduction At the current stage of the development of the economy of Uzbekistan, innovation is becoming the main factor of human development and economic growth. The importance of the influence of innovations on the functioning of individual enterprises and the economy as a whole has been researched and studied by domestic and foreign economists. "Innovation" is essentially a complex and multifaceted issue, which is also explained by the differences in the approach of economists. V.A. A broader definition of the term "innovation" is given in the dictionary of modern concepts and terms published under the editorship of Makarenko. The dictionary defines the term "innovation" as follows: "innovation" means: - allocating funds to the economy in order to ensure the generation exchange of equipment and technology; - use of new equipment, technology responsible for scientific and technical development; - development of new ideas, synthesis, creation of new theories and models and their implementation; mailto:yusupovravshanbek6@gmail.com American Journal of Business Management, Economics and Banking Volume 10 March, 2023 P a g e | 81 www.americanjournal.org - implementation of individual, unrepeatable, political programs; The main stage of development of innovation theory corresponded to the studies of V. Zombrat, V. Mitcherhill, Y. Schumpeter. Austrian economist Y. Schumpeter made a great contribution to the formation and development of the innovation theory. As a result of the analysis of the sources of innovative business shifts, he distinguished new factors of production and included the following: Innovations are first of all characterized by the effectiveness of investments in the development of the economy, represent the replacement of the previous generation techniques and technologies in production with more efficient, ecologically clean and resource-saving means of production. In the above-mentioned points, we define the process of introducing and implementing innovative ideas as "innovative activity". Innovative process and innovative activity are considered to be synonymous terms, and it is the process of solving the issues of creation of innovation, wide distribution and introduction into the environment. "Innovative activity" consists of a complex process of introduction of innovations, creation and commercialization of competitive products (goods) based on new production technologies. This process includes work from the emergence of an idea, the determination and implementation of its purpose, to the organization of production, to the production of a product, to its sale and to obtaining economic results. Processes of organization of innovative activity 1) In the process of initiation, one of the goals and tasks is determined, the generation of ideas, conducting experiments in accordance with the concept of creating a new product, and developing, constructing and preparing prototypes of samples. 2) In the process of innovative marketing, research is carried out before introducing an innovative product to the market (consumers' opinions about the innovative product, evaluation of the market potential, study of the ability of consumers to sell a new product, search for investors). 3) In the process of production of innovations, the organization of production based on the information obtained from the results of marketing research is carried out through: preparation of material techniques and technologies, recruitment of qualified personnel, production consists of purchasing raw materials and materials, patents, licenses, etc. . In this case, legal entities performing innovative activities and individuals participating in innovative activities are considered subjects of innovative activities. Innovative infrastructure enterprises, investors, scientific research institutes, educational institutions, and state government entities that support innovative marketing activities. 4) The process of implementation of innovative activity consists of promoting the market entry and sale of the finished innovative product. 5) In the process of promoting the innovative product, it is necessary to organize the acquisition and use of marketing information, the establishment of control at advertising and sales points, and the organization of separate consultation offices. 6) In the process of diffusion, issues related to changes in the characteristics of innovations and improvement of conditions, acquisition of new markets are carried out. 7) Evaluation of the effectiveness of innovative products and innovative activities. In this case, the efficiency of the innovative process is analyzed, and according to the analysis, measures are developed to satisfy the need or develop trade. It is known that the laws of the market economy require the use of today's new and effective activities, that is, "innovative activities", even in solving socio-economic problems. This encourages the American Journal of Business Management, Economics and Banking Volume 10 March, 2023 P a g e | 82 www.americanjournal.org implementation of a new approach and new methods in the production and service processes, and encourages management personnel to use their intellectual potential, such as inquisitiveness, initiative and innovation. With the improvement of modern banking services in the conditions of globalization, a number of components of innovative activity entered our path of economic and social development. These are innovation, innovative product, innovative projects, economic mechanisms, market-characterizing action methods and their management, technology transfer, technological audit, innovative marketing, evaluation policy, intellectual property inventory-legal protection, benchmarking, forfeiting, environmental analysis, investment analytical portfolio, such as spin-outs, without which there is no possibility of effectively mastering the principles, strategy, and business policy of the international economic system. It is important to study the researches of foreign scientists, taking into account that they participate in innovative development simultaneously as a subject and an object of market relations, as well as they have different opportunities to influence the dynamics of various factors. CIS economists T.I. Sherstobitova, A.V. Chernykh, S.N. Glagolev, N.V. Sobchenko, G.G. In Fetisova's studies, the factors affecting all economic processes are divided into internal and external environmental factors. G.G. According to Fetisova, the factors influencing the enterprise's activity are the enterprise's problems and solutions, and they, in turn, are divided into three groups: 1) Organizational factors - current state of management, ability to innovate, motivation, internal management system; 2) Technological factors - the use of modern developing technologies for the production of new products for the consumer market; 3) Economic factors - we can include capital adequacy, asset and liability adequacy, profit and liquidity indicators. According to the results of this author's research, we can mention the economic factors with the high influence of these factors within the group. A.V. Chernykh and N.V. The Sobchenkos systematized the factors affecting all types of innovative activities of enterprises in the market conditions as follows: • by nature: economic and non-economic factors; • according to predictability: predictable and unpredictable factors; • according to the ability to control and control: controllable and uncontrollable factors; • according to the influence of factors: one-time, natural factors, permanent factors; • to the level of impact: macro and micro level factors were studied. In conclusion, the main goal of the hierarchical systematization of the factors affecting the innovative activity of banking institutions can be used as a methodological basis in the approaches to the organization of innovative activity and effective evaluation of factors, especially in the markets of banking services. Literature 1. Makarenko V.A. Sovremennыy slovar. V 2 t. – M.; 2000. 2. Kamiljanov B.I. Innovatsiyaviy menejment uslublarini takomillashtirish T.; Fan, – 2007. 172b. 3. Saidov M.H. Oliy ta’lim iqtisodiyoti, investitsiyalari va marketingi: O‘quv qo‘llanma.-T.; Moliya, 2003 American Journal of Business Management, Economics and Banking Volume 10 March, 2023 P a g e | 83 www.americanjournal.org 4. Glagolev, S.N. Ekonomicheskiy mexanizm gibkogo razvitiya promыshlennogo predpriyatiya : monografiya SPb., Ximizdat, 2002. 5. Fetisov, G. G. Ustoychivost bankovskoy sistemы : Uchebnoe posobie. M., Finansovaya akademiya, 2002. 6. Chernыx, A.V. Mexanizm ustoychivogo razvitiya predpriyatiya v period aktivnoy investitsionnoy deyatelnosti//Avtoreferat dissertatsii na soiskanie uchenoy stepeni kandidata ekonomicheskix nauk. Belgorod,2006. 21s. 7. Sobchenko, N.V. Predprinimatelskie strukturы: faktorы, vliyayuщie na ustoychivoe razvitie //Vestnik Belgorodskogo universiteta potrebitelskoy kooperatsii. 2009. №4 (chast 1). S.229-235. 8. 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