project governance framework to have a structured approach to govern the projects. It involves various stakeholders like team members, project managers, project sponsors, investors, clients, etc. These stakeholders have well-defined roles, responsibilities, and decision-making capacities. Purpose of governance structure is to ensure that

The projects are prioritized and aligned to short- and long-term goals of the business
The right people have access to the right information to make the right decisions
The projects are staying within the planned time and budget
Enterprise resources are utilized in the most efficient manner
There are ongoing risk assessment and mitigation across all projects