Risk Identification and Management in EPC Project: A Comprehensive Review and Recommendation
Ma Shenglin *
School of Civil Engineering and Transportation, North China University of Water Resources and Electric Power, Zhengzhou, Henan 450045, China.
*Author to whom correspondence should be addressed.
Abstract
At present, the competition to participate in international projects through the EPC general contracting mode is becoming more and more fierce. Accurate identification and objective classification of risk factors in EPC projects are the prerequisites to ensure the success of the project. In order to improve the research level of China's EPC project risk management, based on the relevant journal literature and expert interviews on the risk management of EPC general contracting projects, the existing research results are summarized and analyzed. The main content includes, introducing the EPC risk management system and process, explaining the scope of the main risk management research, summarizing and commenting on the identification and classification of risks, analysis and evaluation methods, and coping strategies, etc., and finally focusing on EPC based on the existing research results. Project Risk Management made recommendations.
Keywords: EPC project, risk assessment, risk factors, strategy