The Project Governance Framework is the infrastructure that safeguards the project’s compliance with the corporate strategy, standards and policies. It plays a paramount role in the planning, execution and control phases of a project by providing a structured process. This framework includes clearly defined roles and responsibilities, decision-making processes, communication structures and reporting requirements which drive project consistency and efficiency, thereby reducing project pitfalls and risks.

Resource management in project governance highlights the effective and efficient deployment of project resources, which may include human resources, financial resources, physical resources, and intangibles like time and information. Proper resource management aims to ensure that the right resources are available at the right time, reducing project risks and increasing the probability of successful project delivery. It involves planning, scheduling, and allocation of resources to tasks while considering constraints and project goals.

Risk Management is an integral part of the project governance that focuses on identifying, analyzing, and addressing the uncertainties that could affect the project’s objectives. It provides a structured approach to dealing with risks by adopting practices like risk identification, qualitative and quantitative risk analysis, risk response planning, and risk monitoring & control. Effective risk management can significantly increase the likelihood of project success by providing better control over project scope, schedule, budget, and performance.

Project Quality Management is a project governance factor that denotes the processes and activities ensuring the project will satisfy the defined project standards. It comprises three key processes: Quality Planning (involves identifying quality requirements and standards), Quality Assurance (involves evaluating the project's performance periodically to provide confidence that the project will satisfy the quality standards), and Quality Control (involves monitoring specific project results). Good quality management can lead to better project predictability, less rework, and higher customer satisfaction.

Change management, in the context of project management, refers to a project management process where changes to a project are formally introduced and approved. It's a critical aspect of project governance as it ensures that all changes are controlled and implemented in a coordinated manner. This process reduces the risk of unnecessary scope creep, which can negatively impact the project's cost, schedule, or quality. By having a structured change management process, the impact of changes can be assessed, key stakeholders can properly make informed decisions, and the project team can implement the changes efficiently.

Project Integration Management is a collection of processes required to ensure that the various elements of the project are properly coordinated. It involves making trade-offs among competing objectives and alternatives to exceed stakeholder needs and expectations. In project governance, this concept ensures that project components are unified so as to drive successful project execution. It standardizes the interdependencies among the project's different knowledge areas and processes to deliver the desired project outputs.

Procurement Management refers to the processes necessary to purchase or acquire the goods and services needed from outside the project's performing organization. For any project, making decisions about procurement can significantly impact cost, risk and the quality of work. As a part of project governance, procurement management gives a structured method for supplier selection, maintains supplier relationships, and optimizes procurement to improve overall project performance.

Project scope management refers to the processes used to ensure that the project includes all the work required, and only the work required, to complete the project successfully. In terms of project governance, managing the project scope properly can ensure an agreement on the project's deliverables, reduces the likelihood of scope creep, which could lead to additional cost and time, and helps to ensure that the outcomes align with the original project goals and objectives.

Communication Management is an important concept in project governance that deals with planning, managing, control, and guidance of a project's communication throughout its lifecycle. It encompasses all the processes required to ensure timely and appropriate collection, creation, dissemination, storage, and disposition of project information. Communication Management Plan plays a crucial role in defining the stakeholders' communication needs, communication methods, frequency of communication, who will communicate, and who will receive the communication. Effectively managing communication improves collaboration, stakeholder engagement, reduces misinterpretations, and ultimately contributes to project success.

Cost Management is a key concept of project governance that involves estimating, budgeting, and controlling costs so the project can be completed within the approved budget. The main goal of cost management is to avoid going over budget while maintaining the quality of the project delivery. The process begins with cost estimating, followed by cost budgeting, which includes resource planning, cost estimating, budgeting, financing, funding, managing, and controlling costs. It also involves monitoring the status of the project to update budget and manage changes to the cost baseline. It is essential to manage project cost to ensure project success without exhausting resources.

Schedule Management is one of the core areas of project governance that ensures that the project is completed on time. It covers the planning, development, monitoring, control, and reporting of the project timelines. Here, activity sequence, activity resources, and duration for each activity are determined, and a schedule baseline is developed. This baseline is then managed and any variations are controlled. It's key to deliver a project timely to avoid cost escalations and stakeholder dissatisfaction.

Human Resources Management in project governance involves project team organization and management. It includes processes like to plan, recruit, develop, manage, and control team members engaged in the project. The concept emphasizes that a project’s success is heavily dependent on the people carrying out the project tasks. It requires viewing team members as human resources and managing them in a manner that can utilise their productivity in best possible way. This component also includes practices for encouraging good performance, tracking team member performance, providing feedback, resolving issues and conflicts, and coordinating changes to help enhance project performance.