A virtual team is a group of geographically distant people who work together to achieve a shared goal for a common organization. From the past few years this concept has been evolved and has emerged the idea of global project management. Virtual teams have been beneficial in cost reduction; hiring competent work force and improving globalization. Although virtual teams are beneficial for an organization; but they are hard to manage and control successfully. There can be several challenges like cultural issues; different time zones and communication gap. These challenges are not hard to manage; and we can overcome these challenges using effective project management skills. These skills will become the success factors for making virtual teams successful and will be determined by comparison of the survey results of traditional and virtual teams.