Authors of the paper develop the main assumptions for project management in the Industry 4.0, and present them in the short form as basic knowledge, useful for managing smart manufacturing (SM) projects in companies. Design/methodology/approach: the process of preparing SM (smart manufacturing) projects and their implementation, in the Fourth Industrial Revolution, have been changed, due to the importance of the issue of linking more and more intelligent machines, IT-computer programs and

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... red processes into integrated technological systems of key importance for the construction of cyber-physical production systems (CPS). The paper applies a conceptual analysis of possible areas of change in project management (PM) when enterprises build the smart manufacturing (SM). Findings/conclusions: companies building the smart environment must adapt their organization of project management to the new requirements and opportunities of Industry 4.0 (I 4.0) technologies. Research limitations: the narrow scope of knowledge about the ongoing changes in SM project management is due to the short period of experience (the Industry 4.0 concept has been implemented since 2011), therefore the authors have only presented the framework of changes in organization of project management. Practical implications: the authors' intention was to initiate a practical discussion about the changes in project management in the ongoing industrial revolution. Originality/value: Since 2011, when the government of the Federal Republic of Germany recognized the concept of "Industrie 4.0" as the key strategy of innovative development, Industry 4.0 has become an important discussed topic among practitioners and researchers. The fourth industrial revolution is expected to result in a leap in the efficiency of companies operating in the intelligent technological environment. Key technologies or pillars of Industry 4.0 are implemented in manufacturing enterprises to build the smart manufacturing processes. Enterprises develop new projects and make investments in order to create Cyber-Physical Production Systems (CPPS).