IT governance, the distribution of decision-making concerning IT, has primarily been studied at the organizational or, more recently, the business unit level. However, many IT decisions take place in the context of IT projects, making it important to understand governance issues at the project level. This research develops a project-level conceptualization of IT governance that draws from both the governance and project management literatures. A model of how IT project governance arrangements are influenced by the distribution of business and IT knowledge and the impact on project performance is also proposed. This model will be tested using matched surveys from business and IT managers involved in IT projects.