One of the leading trends in modern world economic and economic relations is the formation of smart production. In such conditions, the successful implementation of almost all national and international projects and programs can't be imagined without the using of smart capabilities, since many processes have already been transferred to the digital sphere.In this article, the authors address the main aspects and directions of smart transformation of the system and processes of project management, affecting the success of development and implementation, increasing efficiency and ensuring the competitiveness of projects and programs. The paper identifies and describes possible essential changes in individual processes and project management subsystems, which is based on the using of tools and means of the digital economy; formulated new processes and aspects of management that arise during the smart transformation of the classical model of project management.The main scientific result is the smart transformed model of project management processes developed by smart authors and also the impact that this transformation has on the main criteria (indicators) of project or program effectiveness is determined. In addition, the authors determined the relationship between these processes and carried out their assignment to the stages of the project life cycle, at which it's most advisable to use the capabilities described in the article smart.In conclusion, based on the study, the expected effect that can be achieved through the digital transformation of management processes is described, and author's recommendations are developed on use of smart technologies and their capabilities for transforming the management system in order to increase the efficiency of projects and programs.