What is the top challenge for Project Managers nowadays? and what is the best way to deal with?

The major challenge that project managers always face is "Lack of Project Governance". Project Governance is the set of policies & procedures, processes, regulations and responsibilities that define the management and control of projects, programs and even portfolios. As a project manager you need to align your project's objective(s) to the strategic objectives of the organization to support in achieving and materializing it's vision. Lacking project governance will negatively affect the following: 1. Stakeholder engagement 2. Project team involvement and approach. 3. Decisions based of cost/benefit analysis and ROIs 4. Risk identification 5. Management support 6. others ...... To overtake this challenge, some organizations form a Project Management Office (PMO) to standardize all the project-related governance processes and facilitates the sharing of resources, tools and methodologies.