What I've learned over the years is that the most important thing to do when I realize a project is late is to:
- Come up with a revised estimate of the task
- Notify all relevant parties with #1 (E.M., PM, x-function partners, etc.)
- Tell the people #2 "I messed up, here's what I will do in planning next time to avoid this planning mishap next time". This step especially builds a lot of trust
What other tips do you have?