The significance of a project charter in IT projects lies in its role as a foundational document that outlines the project’s objectives, scope, stakeholders, and resources. It serves as a reference point throughout the project lifecycle, ensuring alignment among team members and stakeholders. By defining key elements such as project goals and deliverables, the project charter helps in risk management, budget planning, and communication strategies. Ultimately, it provides a blueprint for the project's success by setting clear expectations from the outset.