In contrast to ongoing, functional work, a project is a temporary endeavor undertaken to achieve or create a unique product or service(s). The project management knowledge and practices are best described as component processes-initiating, planning, executing, controlling, and closing. We have taken a closer look at project management by reviewing the types of methodologies and tools that exist in business today. We observed the major existing risk factors facing project management practices. We also evaluated the unique issues in delivering projects brought about by globalization. As we were extracting the information, it became apparent that there should be measures taken related to the project management process that could alleviate the some major risk factors in some way.