A short description of Master thesis: Project management approach in the last few decades became very popular for companies to go with. More and more companies are restructuring their environments to become project oriented and achieve better business results and returns. Recently, even more progressive and innovative approach has started to accelerate - virtual project management. Especially it is popular in the IT field. There are many advantages in this approach - ability to find more experts (no geographical constraints), decreased administrative costs for office, less book- keeping activities etc. However, there are some of the disadvantages too, which are usually noticed too late and are not being addressed properly. Aims of objective...