In the example 1.24 of the book "Projective Duality and Homogeneous Spaces"- A.E. Tevelev the author says this:
Let us recall the construction of invertible sheaves on projective spaces P(V). All these sheaves have the form $O(d)$, where $O(d)$ is the sheaf of homogeneous functions of degree $d$ on $P(V)$. More precisely, let $n : V\setminus\lbrace 0 \rbrace \longrightarrow P(V)$ be the canonical projection. If $U \subseteq P(V)$ is a Zariski open set, then the sections of $O(d)$ over $U$ are, by definition, regular functions $f$ on $\pi^{-1}(U) \subseteq V$, which are homogeneous of degree $d$.
Mi question is the following:
In general given a homogeneous function $f$, it's value on an eq. class of $P(V)$ is not well defined, then... how a homogenous function on $\pi^{-1}(U)$ defines a function on $U$?