Data Science Project Governance Framework is a framework that can be followed by any new Data Science business or team. It will help in formulating strategies around how to leverage Data Science as a business, how to architect Data Science based solutions and team formation strategy, ROI calculation approaches, typical Data Science project lifecycle components, commonly available Deep Learning toolsets and frameworks and best practices used by Data Scientists. A lot of research is happening all around the world in various domains to leverage Deep Learning, Machine Learning and Data Science based solutions to solve problems that would otherwise be impossible to solve using simple rule based systems. All the major players in the market and businesses are also getting started and setting up new Data Science teams to take advantages of modern State-of-the-Art ML/DL techniques. Even though most of the Data Scientists are great at knowledge of mathematical modeling techniques, they lack the business acumen and management knowledge to drive Data Science based solutions in a corporate/MNC setup. On the other hand, management executives in most of the corporates/MNCs do not have first hand knowledge of setting up new Data Science team and approach to solving business problems using Data Science. This framework intends to help bridge the above mentioned gap and provide Executives and Data Scientists with a common ground around which they can easily build any Data Science business/team from ground zero.