IT project management is plagued by its inability to stop projects that ultimately fail. This persistent problem results in the loss of scarce resources and IT departments unable to generate full value for money invested. There is considerable evidence to suggest that information asymmetry is a significant contributor to this waste. The Balanced Scorecard is a framework that has been widely employed in business as a tool to translate the organizational vision into workable business plans and a framework for effective communication amongst stakeholders. Stage-gates are a widely-used method in new product development and they are gradually making inroads into software project governance. Using a model based on Balanced Scorecard and Stage-gates, this study proposes how their use in IT project governance can mitigate the effects of information asymmetry and thereby increase the likelihood of terminating an uneconomical project quickly.