Does anyone have experience setting up a Tiger team to rescue projects?

Projects that even after pumping resources (as Rajeev pointed) will still return some benefits, but sometime benefits are not only in terms of revenue, it can be just for saving company's credibility in market too.

That is my duty from lot of years ago. First of all, the decision relays on governance or strategic group, not the project team. In my actual work we use a very simple method based on Stage Gate method that you can find for free into the Internet. That will help the organization to decide what project to rescue. When the decision is taken then we define the subject matter experts that could help in the needed activities.We start from estimation and the only thing we agree with the top level management is: subject matter experts are fully asigned to the project activities (which is not the same for other type of project where we have multitasking people),

Cheryl -

In my last role which was for a large Canadian bank, our EPMO monitored the largest initiatives within the enterprise portfolio which were led by individual lines of business across a number of common objective KPIs. Once a project got more than a couple of months in the danger zone, the EPMO did have a team of support resources (e.g. Project Directors, PMs, Lead BAs, QA leads) who could step in based on the specific needs of that project or program. However, I don't recall a time when we replaced any of the existing roles on the initiative - it was always the line of business which decided whether they wanted to do that.

Kiron

Generally seen strategic projects get rescued due to long term objectives of organisation. On need basis more budget or resources pumped into project with re-baseline. Critics review (experts) being a criteria of extensions or rescue of project.