The Policy Server Management Console is failing to launch. If launched from the Start menu, a window very briefly flashes, then nothing. If launched from the command line, the following error occurs:
Error occurred during initialization of VM
Something is wrong with the java environment and the batch file is terminating before the smconsole code is called.
Release: MSPSSO99000-12.8-Single Sign-On-for Business Users-MSP
Removing and reinstalling java resolved the problem.