The African Hope Hat is a great introduction to stranded knitting for those looking for a simple starter project. It can be adjusted to fit a variety of head sizes, although the Patons Classic Wool Merino which I used has enough stretch in it to accommodate most head sizes anyway. The hat is 5.5 inches deep from the CO edge to the start of the crown shaping.

This is a great project for using up leftover yarn, as it takes only about half a skein of each color.
Substituting a lighter weight yarn and smaller needle will produce a child-size hat.