In project management, the project objectives  need to align with the strategy of the organization. Thus, the project governance is defined as the oversight function in aligning the organization’s governance model and those that include the project life cycle.
The project governance provides the project manager including the team with a structure, process, models, and tools to manage the project while, at the same time, supporting and controlling the successful delivery of the project.
It is, therefore, a crucial element in project management especially if the project is risky and highly complicated. It provides consistent and comprehensive strategies for controlling the project by defining as well as documenting and communicating reliable practices all throughout the team.
The project governance framework also involves the stakeholders and the documented procedures, policies, standards, responsibilities, and authorities. It is simply the framework that ensures that the team performs well, as well as gives them accountabilities in planning, executing, controlling and terminating the project. It is important that the project governance framework should be described in the project management plan for better guidance.
This term is defined in the 5th edition of the PMBOK.