Is the project worth doing? Review whether or not we should do something. 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. Projects that had dell defined SOW's and projects that didn't have any SOW whatsoever. Well defined SOW will always work out better in the long run and save the company money and time. 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.