Drowning in meetings.
I've been really frustrated by a project at work. It's frustrating because I am a project manager (I got the certificate and everything!), but in this case I'm the business owner. I know what needs to be done. The project manager assigned to us doesn't seem to have a clue. I'm not even sure he's actually done this before.
It seems to be an artifact of out-of-control corporate meeting culture. We get stuck in these cycles where we have the exact same meeting every single week, discussing how we're going to do something, but the PM never puts a stake in the ground and actually starts. This time it got so bad that one of the stakeholders pulled in a very senior IT person to "consult". And bless him, he's running the project. Six months of treading water have given way to forward motion in the space of a week. The sad thing is that I don't think the official PM has learned anything useful. He's learned that if he throws his hands up in the air enough times somebody will rescue him. I couldn't rescue him for political reasons, and I am happy with this outcome. I suspect he's happy with this outcome too, but for all the wrong reasons.