As a help to compete in an evolving market, small software companies may use an observatory of their course-of-action. The course of action considers the observable aspect of the actor's activity. Its analysis provides a description of actors' activity and it can express recommendations concerning both the individual situations and the collective situation. The observatory is an articulated set of data collecting methods supported with semantic wikis and a dedicated application. A case study, based on the activity of a team of 6 young software engineers, depicts some aspects of the building and the filling of the course-of-action observatory. As primary results of this work, we may think that observing and analyzing software engineer's activity help to reveal his/her theory-in-use - what governs engineers' behavior and tends to be tacit structures - That may help engineers to establish links between "Project Processes-in-use" and a simplified Process Reference Model and contribute to reduce the fit between a project-in-action and espoused SE standards.