Heuristic approach for risk assessment modeling: EPCCM application (Engineer Procure Construct Contract Management)

Abstract

Various risk factors influence construction projects cost and schedule performance from project conception to completion. In the context of project management contract assessment helps allocate integrated risks. The aim of this thesis is to investigate standard conditions of contract, namely FIDIC, Turnkey EPC (Engineer, Procure, Construct) conditions of contracts as a standard contract format. Implications of the contract clauses for the risk management strategy to be adopted by contractors are analyzed through pre defined risk assessment plan RMP. Relevant conditions will be scrutinized in terms of induced risk events. The basis for defining major risk categories and events are described through RBS (Risk Breakdown Structure) schemes, as well as, proposed actions and mitigation plans. Finally, EPCCM; modeling system is created to assist contract administrators, to diminish time, effort, wading back and forth between construction cases and developed projects. The result is a more efficient and proactive contract management environment by providing database for lessons learned in addition to tracking ongoing projects contractual risks, and consequently for issuing relevant decisions and activity plans.

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