Globalization is a "flat" and "connected" world where everyone is connected and "playing the field" is level for many more participants.
Globalization is the process of the integrations between people or companies. This process is an international trade of information, technology and/or goods.
Outsourcing occurs when a company contracts another company to provide services that for financial or practical reasons the company chooses to not perform in-house. Some outsourcing can be from different companies in the same area but some can be in different locations, even different countries.
A virtual team is a group of working individuals who communicate virtually using technology. They work for the same goals in different locations.
IT project management has changed tremendously because of all this new era, where globalization, outsourcing and virtual teams has created opportunities for individuals and companies to work together from different parts of the world. All this integrations create new bridges to success and also brings the need to manage the way all this different efforts come together.