Research On The Risk Management Of The Overseas EPC Project

The main risks of the project consist of limited cognitive capacity, lag of information obtained, changing of environment and management problems of information resources and communication etc. These problems all exist in overseas projects as an important reason for the risks of overseas projects are much higher than that of domestic projects. Especially for EPC contract model, as mainstream, it needs higher requirements for the contractor. "Going out" as one of the major national development strategies are constantly works to encourage more and more companies turning their attention to the international engineering market. But most companies have been expanding overseas engineering business, while risk management has not kept pace, resulting in fewer profits of Chinese enterprises in overseas EPC project. In order to change this situation, it is necessary to make research on the risk management of overseas EPC projects from the view of contractors. Since the risks exist in all phases of the project life, this article will integrate the theories of integrated project management and risk management applied in the research of integrated risk management in overseas EPC project.This article is focus on research of the integrated risk management in overseas EPC Project, based on the following aspects:I. Introduce the relevant background of risk management, including the definition, characteristic, element and process, as well as the status and development of researches in China and abroad; II. Introduce the main content of risk management of engineering projects and the integrated project management, and point out the different between the integrated risk management and normal risk management as well as the status of research on integrated risk management; III Set forth the technologies, methods and process of general risk management for overseas EPC projects, and state the characteristic of overseas EPC project; Analysis the risks in each project phases by way of AHP etc. and then establish the relationship between them so as to try to establish integrated risk management system in overseas EPC Project; V. Take Tehran-Shomal freeway project for example to elaborate the application of risk management system in this project. It can be used for reference to the research related to the risk management of overseas EPC project.