Can a Project Manager make a project successful if he has bad resources ?

Depends on what you mean by bad. If bad means slow then it is possible to succeed by adjusting the plan to move ahead on other issues and the project manager could make it nonetheless.  If bad means can't deliver or delivering low quality then the resource must be replaced immediately to save the project. But one has to be careful here because the problem could be in the project manager himself.  It could be him who didn't put the right plan or can't lead the team or chose the wrong people for the wrong tasks so it is a tricky question that really depends on the situation.

For sure his decisions will be wrong because it's based on bad resources.

Project Manager is not a super person, but in my mind, yes he/her can take any project to the live by splitting the project upon the resource he/her got, proccess his following up each step and provide the quality assurance personaly.

If the Project Manager is aware of the issue that he has bad resources in his project team, and if he has a contingency plan to mitigate the risk of failing due to the bad resources, then Yes he can deliver the project successfully. But, he need to keep monitoring the risk realization and implement risk responses he planned.

What to do if these are the only available resources in the company now ?

Bad reasources means you cant!!!! rather your go cost & time over-run.

This failure is from the initial PM who can't recognized the right resources.

Risk mitigation can be done but for a limited level not for overall project.

If this question is can, the answer is that it is possible but risk must be calculated and taken care of. Sometimes you take a high risk project if it's highly rewarding or you have some sort of contingency plan (in which you are able to make).

It isn't easy but yes it is possible, based on a lot of experience. But first: why accept bad resources in the first place??

Thats very true attitude defines your fulfilment in life.

Very bad luck for PM (Project Manager)...LoL

Any how if you have bad resources then you have to know if this bad because of low performance or bad attitude. So if you have bad attitude guys within your team thenm you have to replace them or stop them to work in the front line to avoid destroying the relation with the customer & other stake holders.

But if you have guys with low performance then you can survive & can lead them by different ways such as motivation, follow up, involvement...etc. PM will suffer but he will pass then he should study the lessons learned later.

Don't hisitate to share top management with your ideas & get their support because they are the only one can support.

What does bad resources mean? 

Project manager chooses the resources he needs -  be it human resources or otherwise. If the project manager does not choose the right kind of resources needed for a project then it is a wrong choice made by him. This wrong choice can definitely make the project unsuccessful.