How to know if this is the play you want to produce? Assuming you found something you love, so much so that you’re even considering it for production, ask yourself two questions:
(1) “Do I think that with my passion and the resources and talent at my disposal, I can do a production that’s as good as anyone else can do?” Meaning that not more money, a bigger space, etc…would make this any better. That you can do a definitive production. If you can’t, find something else. You owe it to the play and the playwright to move on.
(2) “If this were the last play I ever did, would this be the one I was proud to go out on?”
Even if the answer to these questions is not a resounding yes, but more of a meek “it might be”, that’s enough to proceed. Hey, it’s art. You never really know. You just need to feel like you have a chance at doing something great.