Governance has become a more widely used term in recent years to the point that common usage now implies a strong personal responsibility as well as a role of authority. Governance refers to a set of policies, regulations, functions, processes, procedures, and responsibilities that define the establishment, management, and control of projects, programs, and portfolios. As per PMI-PMBOK: "Project governance provides a framework in which the project manager and sponsors can make a decision that satisfies both stakeholder needs and expectations and organizational strategic objectives or address circumstances where these may not be in alignment."
With project governance in place, the decision-making and escalation steps to resolve issues are easier to follow. It describes the flow of information between the project and all stakeholders. It helps the team to focus on realizing the business value, managing the risk and issues, and enforcing the standards and...