Is there any relationship between project management and innovation?

Definitely and obviously there is.

As each project is distinct from another,  innovation in terms of how each project is managed is applied. Every project has different situations and  unforeseen events that may happen during the project execution. These distinctive events  create different kinds of challenges that the Project Management will face. To prevail over these challenges, the Project Management has to come up with innovations suitable to the situation and challenges that have arisen or emerged.