From my experience, I wouldn't go for a circle per project... especially if you use some Scrum and/or Kanban. I.e. if you use Scrum, you may encode into governance Scrum practice, which is we did with several of our clients - kinda like a Scrum App. As [@mention:450819477778576386], I've seen some companies creating a circle at some point for a specific project, but was not designed upfront, there was a tension at some which trigger this circle creation.