Information and Communication (ICT) Technology related projects, such as Enterprise Resource Planning (ERP) projects have a high failure rate. Planned and systematically adopted risk management procedure is crucial to keep projects on time and within budget with all requirements fulfilled. In this paper, the authors have analyzed the critical risks of ERP projects through the case study of three manufacturing Small and Medium size Enterprises (SMEs). First, by using company-specific risk analysis method, the critical risks of the ERP projects have been identified and assessed. Second, by using characteristics analysis method, the recommendations of how to divide the ERP projects into manageable sub projects have been given.