Creating a virtual Python environment using venv
Most Python programmers are already be familiar with venv or virtualenv, but even if you're not, it's never too late to start using it. The venv module is designed to isolate your Python environments so that you can install packages specific to your current project without polluting your global namespace. For example, having a filename such as sys.py in your current directory can seriously break your code if you expect to have the standard Python sys library—your local sys libraries will be imported before the global one, effectively hiding the system library. In addition, because the packages are installed locally, you don't need system (root/administrator) access to install them.
The result is that you can make sure you have exactly the same version of a package on both your local development machine and production machines without interfering with other packages. For example, there are many Django packages around that require specific versions of the Django project. Using venv, you can easily install Django 1.4 for project A and Django 1.8 for project B without them ever knowing that there are different versions installed in other environments. By default, the environments are even configured in such a way that the global packages are not visible. The benefit of this is that to get an exact list of all installed packages within the environment, simply a pip freeze will suffice. The downside is that some of the heavier packages (for example, numpy) will have to be installed in every separate environment. Needless to say, which choice is the best for your project depends on the project. For most projects, I would keep the default setting of not having the global packages, but when messing around with projects that have lots of C/C++ extensions, it would be convenient to simply enable the global site packages. The reason is simple; if you do not have a compiler available, installing the package locally can be difficult, while the global install has an executable for Windows or an installable package for Linux/Unix available.
The venv module (https://docs.python.org/3/library/venv.html) can be seen as a slightly simplified version of the virtualenv tool (https://virtualenv.pypa.io/), which has been bundled with Python since version 3.3 (refer to PEP 0405 -- Python Virtual Environments: https://www.python.org/dev/peps/pep-0405/).
The virtualenv package can generally be used as a drop-in replacement for venv, which is especially relevant for older Python versions (below 3.3) that do not come bundled with venv.