Epc General Contracting Project Risk Management

The EPC turn-key contract is common and widely applied and accepted by the owner around the world. Compare with the traditional contract models, more and more risk and challenge have to be meet by the general contractor during the execution of the EPC project. Thus the risk management plays the critical role in the management of the EPC project control.Based on the characteristic of EPC project and according to the reference theory and study of project risk management, the practical and available method for risk control is described in detail inside this article through the three important stages of EPC project namely as Engineering, Procurement and Construction.This article has six chapters in which the basic idea and logic structure are given as follows:Chapter one:Through tracing the historical and developing process of the project risk management, and the definition, classification and characteristic description of project risk management, briefly describe the course of risk management for EPC project.Chapter two:Mainly describes the basis and contents of EPC project risk management plan, in which, the method for identifying the risk factors and evaluating the risk has been built. The WBS-RBS matrix method for identifying the detail risk factors has been proposed in this chapter.Chapter three:Through the detail characteristic analysis of engineering phase of EPC project, the detail design risk factors have been found out. As such the detail treatment and monitor measure has been built after detail risk evaluation.Chapter four:Through the detail description and analysis for the procurement procedure of EPC project, the detail risk factors have been found out subsequently the risk evaluation has been made by the way of qualitative and quantitative analysis. And finally, the detail treatment and monitor regarding the risk factors has been proposed.Chapter five:Through the elements analysis for the construction management of EPC project, the detail risk factors have been found out and subsequently the risk evaluation has been made by the way of qualitative and quantitative analysis. The detail treatment and monitor measure for the construction risk especially for safety risk has been described in this chapter.Chapter six:Summarizes the EPC project risk management, and especially emphasizes the strengthening of the consciousness of risk will play a very important role in the execution of EPC project and will lead to the success of project.General above, identifying the risk factor is the most important step during the execution of the risk management, except using qualitative and quantitative analysis, the setting up of WBS-RBS matrix to identify the more detail risk factor has been proposed inside the article which is become more practical and available and finally assist in the next step of risk management like as risk evaluation, risk treatment and monitor.