The structure and functions of mechanisms of development and erosion of competencies in innovative projects of implementation of information and communication technologies are considered. The factors of development and erosion of competencies are determined and a model of competence and competency assessment for the successful implementation of information and communication technologies is identified, for example, for master's degree in project and program management. The proposed model of competence development of the project team for the creation and implementation project is based on the balance of factors of development of competencies of the innovation project and their erosion in the process of implementation. Investigation of factors of development and erosion of competencies in the management of innovative projects can adequately respond to changing the profile of competencies of innovation projects. At the same time, the analysis allows the project manager to form effective programs for acquiring certain competencies for team members and other interested parties. The proposed model of the factors of development and erosion of the system of competencies is tested on the examples which confirmed its adequacy and effectiveness.