He enrolled in the Faculty of Economics in Titograd (now: Podgorica) in 1982, and graduated from it in 1986, with the average grade of 9.83. He has won several awards and recognitions, including the most prominent - the award on Liberation Day of Podgorica "19 decembar" and the award of the University “Veljko Vlahović” for being at the top of his class in the final year of study.

He finished postgraduate studies, Department of Information Systems and Cybernetics, at the Faculty of Economics in Belgrade. He completed master thesis in 1994 at the Faculty of Economics in Belgrade, and earned an academic degree doctor of science in 1997 at the Faculty of Economics in Podgorica. Mr Vujica Lazović started working at the Faculty of Economics in 1988. In the period from 1989 to 1993, he also performed a number of public functions (Member of the Parliament of Montenegro, Member of the Chamber of Citizens of the Federal Assembly of Yugoslavia, Minister in the Government of Montenegro, etc.)

In the period from 1998 to 2000, he served as Vice Dean for Education at the Faculty of Economics, while in the period from 2001 to 2006 he served as Dean of the Faculty. He was elected Assistant Professor in 1998, and in 2003 he was elected Associate Professor for a group of subjects of the 'Information Economics'. He teaches multiple disciplines at undergraduate and postgraduate studies at the Faculty of Economics (Information Economics, Management Information Systems and Design of Information System), and also teaches Information Systems at the Department of Political Science at the Faculty of Law. He has been Head of doctoral studies at the Faculty of Economics in Podgorica since 2008. He is author of a number of papers, books and publications on Economics and Business Information Systems. He participated in several study visits to the United Kingdom and United States of America.

As of 2006 he performed the function of Deputy Prime Minister for Economic Policy in the Government of Montenegro, and in the period 2009 – 2016, he served as Minister of Information Society in the Government of Montenegro.

He speaks Russian and English. He is married and has a daughter.