Increasing globalization of organizations and proliferation of new technologies have made multi-cultural virtual project teams not only a reality but important also. Virtual project team members rarely meet face-to-face and thus deal with challenges. These challenges faced by virtual project team members form the basis for the first phase of research. In the second phase, the researcher conceptualized that Emotional Intelligence plays a very decisive role in the performance of managers even in virtual project management. In phase three, the relationship of Social Intelligence and Empowerment Climate with Leadership Style in partly and truly global virtual projects was analyzed. The end objective is to establish their significance for virtual project teams which would result in enhancing their overall effectiveness thus proposing various Models of Effective Virtual Project Management. The findings would help the virtual project management and human resource management professionals as how to enhance the effectiveness of projects with varying degree of virtuality.