Comment below:
Is the project worth doing? In my job we are often reviewing whether or not we should do something. I think it's important that a project absolutely makes sense to do from either an economic or strategic standpoint. In today's economy a company can not afford to take on projects if they don't ultimately benefit the company somewhere down the line.
A well defined scope of work. It is CRITICAL that there is a well defined SOW. I have been a part of projects that had dell defined SOW's and projects that didn't have any SOW whatsoever. I can tell you from first hand experience that the well defined SOW will always work out better in the long run and save the company money and time (and by time I mean even more money). The appropriate resources to make the project happen. It's good to know your limitations and to know that if you're incapable of a critical item on the SOW you had better know someone who can do it.