Define globalization, outsourcing, and virtual teams and describe how these trends are changing IT project management.

1) Define globalization, outsourcing, and virtual teams and describe how these trends are changing IT project management.

Globalization is the process by which businesses or other organizations develop international influence or start operating on an international scale.

Outsourcing is outsourcing is simply the farming out of services to a third party.  A practice used by different companies to reduce costs by transferring portions of work to outside suppliers rather than completing it internally.

Virtual teams are a collection of individuals who work together through the usage of communication technology. These people will typically have skills which complement each other, and these skills are geared towards the achievement of a specific goal.

Globalization, outsourcing and virtual teams are changing IT project management tremendously by opening new opportunities for companies; Increasing competitiveness and responsiveness by having a team of workers available 24/7, improving their business style to ensure that IT infrastructure and business procedures are combined and uniformed and providing more expertise and flexibility by having team members from across the globe working at any time. All three of these entities are on the forefront of project management today and can ensure the success or the failure of any project.