Management of innovation projects in SMEs in the Czech Republic

There is prevailing understanding that large companies are mostly inclined to using sophisticated innovation management processes as well as other management tools like project portfolio management while SMEs are believed to take advantage of more simple and often intuitive approaches to innovation processes management. Therefore methodologies of Monte Carlo simulation (MC), Stage Gate Control Process (SGCP) and Post- -implementation review (PIR) were reprocessed into more simplistic implementation models so as to prove that these methods can be operated even by routine staffs in Czech SMEs. All the test performed proved that the applications of aforementioned methods increased the effectiveness of innovation projects management and generated added value for shareholders.