We often think complexity is a function of size; in business, the bigger the company, the more complex its operations and infrastructure. According to Forrester analyst Jost Hoppermann, complexity is based on the number of interdependent and interconnected stakeholders, the various technology systems, and the organizational structures in place in a business. So, a mom-and-pop with two employees is, of course, simpler than a multinational corporation. No one told that to mom and pop. When it comes to project management, and consulting in that area, complexity is often times inversely proportional to size.

Oscar Wilde wrote, “Questions are never indiscreet; answers sometimes are.” This to say, when it comes to project recovery, nothing is sacred. I use a diagnostic question set as a basis for gathering information from team members and stakeholders. Just like a doctor uses questions to determine a physical diagnosis, I use these questions to determine what is ailing your project.

You can’t take your eyes off a train wreck; this was the case with a high profile technology ’provider infamous failed ERP project, which cost $160 million (more than five times the project’s originally estimated cost) when the dust settled. Gilles Bouchard, then-CIO of HP’s global operations, said, “We had a series of small problems, none of which individually would have been too much to handle. But together they created the perfect storm.” “Small problems” can plague any project; a sound project governance structure can help keep them from becoming that perfect multi-million dollar storm.

One of my favorite quotes on risk is from author, Ray Bradbury, “Living at risk is jumping off the cliff and building your wings on the way down.” Often, the problem is not that businesses don’t consider risk; it’s that they don’t really think about it. Without a good risk profile, you will find yourself “barreling through the air” with the ground rushing up to meet you – not the optimal time to build wings! Developing a comprehensive risk profile is essential in mitigating risk and maximizing opportunity.

Virtually every industry has a guide that helps those who operate within it follow best practices. Whether the Fair Work Ombudsman Best Practices Guide or the Nursing Best Practice Guidelines, these works contain generally recognized best practices in a given field. The PMBOK guide has a terrible acronym, but it is a helpful tool. The Project Management Body of Knowledge documents accepted project management information and practices, designed to help PMs manage most types of projects, regardless of industry.