My attitude to delivering bad news (in the context of managing projects) has been fashioned, many years ago, by a lesson I learned from a scene from the original “The Godfather”. It all boils down to the following quote:
Mr. Corleone is a man who insists on hearing bad news immediately.
Project bad news need to be delivered promptly. Don’t wait for things to get better as they often don’t (at least not in the immediate or short term). If you count on your luck with the hope that no one will notice that you are operating in the RED you could be making a serious mistake which could jeopardize your professional career and can result in irreparable damage to your project.
Think about it!