Coming from a person who is always asking questions to ensure I understand what it required of a project, I feel that the more questions you ask yourself during the initiation phase of a project, the more you will know how feasible the project is during the Planning and Execution phase.
Some other questions I would ask are:
After asking myself if there is a need for this project, I would question how in demand this project would be? As in, how many people would be interested/need the end result of the project. As a project manager, this would help me sort out the order in which projects are completed.
After asking myself how complicated this project would be, I would begin listing all the tasks that would have be done to complete this project, to visually see how complex it is. From there I will have a proper understanding of what my project requires, along with the other questions that have been mentioned by my classmates.