What would happen if you were hit by a bus while walking to work?
Well, other than the morbidly obvious, and the time and money spent hiring and onboarding their replacement…
This is the line of thinking behind the infamous “bus factor” – the minimum number of people who, if out of action, would cause your operations to collapse.
“46% of UK businesses would be forced to cease trading immediately if a key person died or was unable to continue working through illness or injury” – Online Money Advisor, Key Man Insurance: A Definitive Guide to Key Person Insurance
It might not be ideal, but it’s a harsh reality that every team has to face; whether temporarily or permanently, your colleagues aren’t always able to make it into work.
We, here at Process Street, have had more than our share of project delays (and even failures) due to a low bus factor, which is why this post has been written. Today, you’ll learn how to identify risky projects by using the bus factor, and how to mitigate those issues as quickly (and cheaply) as possible.
We’ll be covering:
- What is the bus factor?
- How to calculate the bus factor
- Bus factor elements
- How to increase your bus factor
- The limits of boosting bus factor
Let’s get started.