Despite the many researches made on emergent strategies and project portfolio management, one can hardly find studies on the link between them. It can easily be assumed that emergent strategies and market dynamics have considerable effect on the project portfolio in organizations and, supposedly, give rise to emergent projects. This book will show the distinct characteristics and strategic impact of emergent projects, those untypical or irregular projects outside the mainstream of the current project portfolio, in large organizations. Justification for the distinctive nature of emergent projects will be based on a model taken from a previous study made on project categorization (Crawford, 2006). The model will be used to show the distinct nature of emergent projects and to find the possible category for them before trying to justify the need for identifying the characteristics of "emergent projects". The analysis will shed some light on how to manage ‘emergent projects'' and should be useful, first of all, to project managers and executives of every kind and to those studying the effects of market dynamics on the application of project management in large organizations.