The publication offered to a wide range of readers continues further experimental confirmation of the results obtained in the book «Algebraic Formalization of Smart Systems Theory and Practice», Chap. 6 , in the algorithm analysis (6.10). We regard this algorithm as a set of separate projects, where the implementation of each one requires the availability of certain resources, primarily information, financial and labor ones. We propose the project management use as a tool for creating and developing a smart university as an innovation system. The formation of the methodological and information infrastructure of smart university project management is regarded, according to the algorithm described in N. Serdyukova and V. Serdyukov’s work. Our idea is that by applying hybrid approaches inherent in project management to assess the effectiveness of the functioning of a smart university as an innovation system, we can develop a methodology for evaluating the effectiveness of an innovation system and replicate it in the practice of developing smart organizations. In addition, we offer such educational innovations applying as API-interface in the knowledge management system; BPMS as a core of smart university information support infrastructure and smart technology (Technologies of Industry 4.0) integration center. The experience of project management in assessing the effectiveness (control) of the innovative system functioning is considered in the example of Togliatti State University.