Review of Risk Identification within Engineering, Procurement and Construction (EPC) Projects

Sara Yousefi Roodsari; Syed Mehmood Hasan; Satya Shah; Elmira Naghi Ganji

doi:10.1109/ICTMOD59086.2023.10472905

Review of Risk Identification within Engineering, Procurement and Construction (EPC) Projects

Sara Yousefi Roodsari
, Syed Mehmood Hasan
, Satya Shah
, Elmira Naghi Ganji

Department of Electronic Engineering

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution

Abstract

Throughout their lifespan, projects are constantly exposed to risks and opportunities; risk management is one of the factors that contributes to project success, particularly in Engineering, Procurement and Construction (EPC) projects. Risks can come from several different places, including a lack of
funding, unforeseen circumstances, strategic mistakes, etc. However, EPC projects are well-known for their complexity, which makes managing and controlling them with absolute certainty challenging. To increase the likelihood of successful project completion and mitigate the effects of uncertainty, it is essential to identify and manage risks properly. This study's purpose is to present a systematic review of literature on risk assessment in EPC projects, identify common risks and establish criteria for prioritizing risks.

Original language	English
Title of host publication	IEEE
Publisher	IEEE
ISBN (Electronic)	979-8-3503-1335-2
ISBN (Print)	979-8-3503-1336-9
DOIs	https://doi.org/10.1109/ICTMOD59086.2023.10472905
Publication status	Published - 19 Mar 2024
Event	IEEE International Conference on Technology Management, Operations and Decisions (IEEE ICTMOD): Disruptive Technologies and Sustainability - Morocco, Rabat, Morocco Duration: 22 Nov 2023 → 24 Nov 2023 https://ictmod-conference.com/

Conference

Conference	IEEE International Conference on Technology Management, Operations and Decisions (IEEE ICTMOD)
Abbreviated title	ICTMOD 2023
Country/Territory	Morocco
City	Rabat
Period	22/11/23 → 24/11/23
Internet address	https://ictmod-conference.com/

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

SDG 9 Industry, Innovation, and Infrastructure
SDG 11 Sustainable Cities and Communities

Keywords

Risk Identification
Engineering, Procurement and Construction Projects (EPC)
Uncertainty
Risk Assessment

Access to Document

10.1109/ICTMOD59086.2023.10472905

Cite this

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title = "Review of Risk Identification within Engineering, Procurement and Construction (EPC) Projects",

abstract = "Throughout their lifespan, projects are constantly exposed to risks and opportunities; risk management is one of the factors that contributes to project success, particularly in Engineering, Procurement and Construction (EPC) projects. Risks can come from several different places, including a lack of funding, unforeseen circumstances, strategic mistakes, etc. However, EPC projects are well-known for their complexity, which makes managing and controlling them with absolute certainty challenging. To increase the likelihood of successful project completion and mitigate the effects of uncertainty, it is essential to identify and manage risks properly. This study's purpose is to present a systematic review of literature on risk assessment in EPC projects, identify common risks and establish criteria for prioritizing risks. ",

keywords = "Risk Identification, Engineering, Procurement and Construction Projects (EPC), Uncertainty, Risk Assessment",

author = "\{Yousefi Roodsari\}, Sara and Hasan, \{Syed Mehmood\} and Satya Shah and \{Naghi Ganji\}, Elmira",

year = "2024",

month = mar,

day = "19",

doi = "10.1109/ICTMOD59086.2023.10472905",

language = "English",

isbn = "979-8-3503-1336-9",

booktitle = "IEEE",

publisher = "IEEE",

note = "IEEE International Conference on Technology Management, Operations and Decisions (IEEE ICTMOD) : Disruptive Technologies and Sustainability, ICTMOD 2023 ; Conference date: 22-11-2023 Through 24-11-2023",

url = "https://ictmod-conference.com/",

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T1 - Review of Risk Identification within Engineering, Procurement and Construction (EPC) Projects

AU - Yousefi Roodsari, Sara

AU - Hasan, Syed Mehmood

AU - Shah, Satya

AU - Naghi Ganji, Elmira

PY - 2024/3/19

Y1 - 2024/3/19

N2 - Throughout their lifespan, projects are constantly exposed to risks and opportunities; risk management is one of the factors that contributes to project success, particularly in Engineering, Procurement and Construction (EPC) projects. Risks can come from several different places, including a lack of funding, unforeseen circumstances, strategic mistakes, etc. However, EPC projects are well-known for their complexity, which makes managing and controlling them with absolute certainty challenging. To increase the likelihood of successful project completion and mitigate the effects of uncertainty, it is essential to identify and manage risks properly. This study's purpose is to present a systematic review of literature on risk assessment in EPC projects, identify common risks and establish criteria for prioritizing risks.

AB - Throughout their lifespan, projects are constantly exposed to risks and opportunities; risk management is one of the factors that contributes to project success, particularly in Engineering, Procurement and Construction (EPC) projects. Risks can come from several different places, including a lack of funding, unforeseen circumstances, strategic mistakes, etc. However, EPC projects are well-known for their complexity, which makes managing and controlling them with absolute certainty challenging. To increase the likelihood of successful project completion and mitigate the effects of uncertainty, it is essential to identify and manage risks properly. This study's purpose is to present a systematic review of literature on risk assessment in EPC projects, identify common risks and establish criteria for prioritizing risks.

KW - Risk Identification

KW - Engineering, Procurement and Construction Projects (EPC)

KW - Uncertainty

KW - Risk Assessment

U2 - 10.1109/ICTMOD59086.2023.10472905

DO - 10.1109/ICTMOD59086.2023.10472905

M3 - Conference contribution

SN - 979-8-3503-1336-9

BT - IEEE

PB - IEEE

T2 - IEEE International Conference on Technology Management, Operations and Decisions (IEEE ICTMOD)

Y2 - 22 November 2023 through 24 November 2023

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