And now you have read all this paperwork. You talked with all those people. You asked "what do you want?". "What can I do?" Now it's time for your gut feeling.

Do you trust the statements made by the stakeholders? Do you think top management will stick with you? Do you honestly believe the project has a chance to succeed?

Now is the time to know. It is late, but you can still get off the train. After this, it's your ass that's on the line. When this project is mentioned, it's your face the people see.

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Project Management Code: Why Do You Do What You Do?

It makes no sense to associate yourself with a project if you think it's a Titanic or Mission Impossible IV. Don't make the mistake thinking your effort will be appreciated, even if everything goes down the drain. Failure is an easy thing to remember. The true professional knows his limitations, and the only responsible thing to do is, either configure the project in such a way it stands a chance, or return it to the sender.

A quote is always great, but this one from US judge Jackson to Microsoft during the trial over their monopoly position is in this context even perfect:

The code of tribal wisdom says that when you discover you are riding a dead horse, the best strategy is to dismount. (But lawyers) often try other strategies with dead horses, including the following: buying a stronger whip; changing riders; saying things like 'This is the way we've always ridden this horse'; appointing a committee to study the horse; … declaring the horse is better, faster and cheaper dead; and, finally, harnessing several dead horses together for increased speed.

If you take it on, don't forget to include your own stakes: be a winner yourself!

And, if you are a winner, and higher management is committed to you as a project manager for the project, make sure they send a memo or an e-mail to all stakeholders, announcing you as the new king, the main man, the ruler of your universe… or something more "office like".