A good project name should be a single pronounceable word, probably short, preferably two syllables or less. A name like Quarterback is kind of long and awkward, but a name like Tailback just has a good ring to it. If the name absolutely must have two words, it should be easily and nicely abbreviated. And this should go without saying, but neither the word nor the abbreviation should be an obvious reference to a sex act.
The name can either be relevant or irrelevant. For example, the Air Force has the Eagle (F-15), the Falcon (F-16), and the Raptor (F-22), which are all named after birds of prey. They chose a theme and stuck with it. On the other hand, I've worked with organizations who chose project names like Deadlock or Override, which are literally just arbitrary titles which have no relation to anything. But when you say, "I finished the Deadlock analysis," your coworkers know what you mean.
The name should be decided upon as early as possible, and it should never change. I just need something to call the folder that's storing all my files associated with this project. I need a word to put at the beginning of my email titles.
I've always been impressed by groups and companies that name things well. I don't know if it's due to their marketing department, or simply having creative people around. Oh well, back to work on PLOMPH. [[business]]