Are you working on a project that has diminished in value? Does your project seem like it would have been a good idea if it was implemented two years ago, two years from now? If you are questioning the value of your project think about these things.
What would happen in your company if the project were cancelled?
Does the project link to your organizations strategic goals and/or objectives?
Does the project have visible support from senior management?
Does the project generate excitement?
Is your organization going to gain efficiencies or be more competitive as a result of successfully completing the project?
Is there lots of negative "buzz" about the project?
I'm sure there are lots of other questions that could be asked when it comes to questioning the value of projects. We need to keep in mind that all projects eventually end. Some end when they are completed successfully, and others are terminated early for a variety of reasons.
The important thing to keep in mind is that you must continually communicate across, up, and down the organization to find out what others are thinking about your project.
If the project manager is the only person in the organization that thinks his or her project has value, then the project manager isn't really thinking.
Does your project still have value? A tough question for certain projects, but one that must be answered on a regular basis.