This paper proposes a risk management approach for university-affiliated, small satellite programs. These small programs have a unique set of risks because of a typically inexperienced workforce, limited corporate knowledge, occasional distributed tasking among universities, and a high student turnover rate. Only those risks unique to small, student-run satellite programs are presented. Additionally, several risk management strategies are explored, and the advantages and disadvantages of these risk-related tools and techniques are examined. To aid the process of risk identification in these particular programs, a Master Logic Diagram (MLD) for small satellites was created to help identify potential initiating events that could lead to failures during the mission. To validate the MLD, a case study is presented and analyzed. This Master Logic Diagram approach is shown to provide an effective method that can be easily adapted for risk identification in small, student-run satellite programs.
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