Projects affect success rate of the organization and thus are vital for them. A project results in bringing something new. It can be a new product or service, increase sales or capturing of new market, reduce cost, or innovative feature in the existing product.

With the increase in globalization, integration of world markets, and rise in the concept of MNC's the importance of Project Management has increased many folds. Project management is a discipline that applies various tools, concepts, principles, practices, activities that help in improving the profitability of organization and results in overall growth. It helps organizations working in various parts of the world in integrating there operations and achieving goals. Though the principles and thought process involved in project management are same around the globe, still some differences exist due to the difference in economies of developed, developing and under developed nations. The project management concepts are based on principles of rationality in human behavior, and similarity of working culture over organizations that is a bit unrealistic due to differences in economic, political, social, demographic and technical conditions all over the world.

The developed and under developed countries depend upon fully developed nations for financing of their projects. These countries even borrow required techniques, skills and managerial knowledge from developed nations. To bridge the gap project managers need to be tactful, flexible and shall avoid bureaucracy. For Global Project Management to be successful a project manager and his clients should understand that different types of situations require variations in the basic principles. A project would need ad hoc adjustments as per the changes in environment. Today most of the organizations, institutes, associations and training centers are continuously making efforts to teach individuals working in organizations to work in a complex, dynamic and fast changing environment.