Speed, social change, historical inheritance and cultural gaps are key factors which have significant impact on global collaboration and global sourcing. The author explains how working in virtual teams in a global, multicultural environment requires a significant amount of organizational and behavioral change of people and organizations. Understanding cultural differences in working styles is important for successful global project management. Major theories of international management, company internationalization, cultural dimensions and distances will be discussed to develop cross-cultural competencies and conflict management styles for international project managers. They will understand modern theories and methods of international management and will be able to apply these to practical project management problems. They understand the benefits and challenges of international cooperation and know how to identify modes of cooperation that are relevant to the needs of international teams.