The hallmarks of a bad project :
– Projects for which no one has really identified the business benefit, or for which the closest you can get to a cost estimate is someone waving their hands in a the-size-of-the-monster-catfish-I-caught-last-summer type gesture are dangerous.
– Projects that focus too heavily on the present and neglect the future are dangerous. Think of the buggy whip manufacturer investing in making his production lines faster and cheaper, rather than realizing that a change in direction was needed.
– Insufficient—or nonexistent—resource investments in a project are another warning sign that you should beware of. Projects without budgets, people, or equipment are risky from the outset.
– Projects that are being undertaken even though only a few people in the organization believe that they should be completed are the most dangerous of all. These kinds of projects quickly start to feel like everyone’s just standing around watching, and waiting for you to slip up and prove them right.

THE PRINCIPLES OF PROJECT MANAGEMENT
BY MERI WILLIAMS