Risk Assessment Research Of Saudi IBB Reliability Improvement Project Of S Company

Under the background of the strategy of "One Belt and One Road" initiated by Chinese government,S Company,a well-known and large-scale engineering company in China,has been undertaking IBB Reliability Improvement Project in Saudi.The project is very complex and difficult,and due to the impact of the outbreak of COVID-19 in 2020,the project becomes even more difficult with more risks.Hence,proper risk management becomes vital important to the success implementation of the project.However,risk management is not properly executed by project team currently due to lack of continuous update of risk identification,lack of quantitative risk analysis and lack of risk tracking and mitigation.In order to improve the poor situation of current risk management of the project,the author has studied the domestic and foreign researches of risk management,and learned some popular risk identification and risk assessment methods through literature review.Based on the actual condition of the project,the author used brainstorming method and RBS method to identify the risks of the project,and a total of 8 types of risks and 25 risk factors has been identified.And then,Analytic Network Process(ANP)and Fuzzy Evaluation Method have been used for risk assessment,it turns out the overall risk level of the project is "relatively high",and level of all types of risks and the priorities ranking of all risk factors have been obtained.Finally,according to the results of risk assessment,the author has brought up some measures to be taken as risk responses.Compared with the current risk management method of the project,the method proposed in this paper could be more comprehensively identifying the various risks of the project,which would be beneficial to allocate the resources properly,and further to mitigate the risks effectively.Moreover,the risk identifications,risk assessment methods and risk response measures proposed in this paper could be taken as valuable references for other overseas EPC projects,especialy in such circumanstances of COVID-19 continously spreading globally.