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Economic recession in developing countries has forced authorities to set policies in order to mitigate financial risks such as inflation, liquidity and credit, as investigated in this project. The main goals of this research were to identify significant financial risks of engineering procurement construction (EPC) projects and to evaluate and prior...
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... Hung and Wang [7] conducted a study to identify the main risk factors that cause delays in hydropower construction projects in Vietnam and analyze the degree of impact of each risk factor on construction. Jahantigh and Malmir [8] identified, evaluated, and prioritized significant financial risks of EPC projects in terms of national development in developing countries. Furthermore, their work was based on the fuzzy TOPSIS model and they applied the refinery project as a case study. ...
The development of intelligent information technology in the era of the fourth industrial revolution requires the EPC (engineering, procurement, and construction) industry to increase productivity through a digital transformation. This study aims to automatically analyze the critical risk clauses in the invitation to bid (ITB) at the bidding stage to strengthen their competitiveness for the EPC contractors. To this end, we developed an automated analysis technology that effectively analyzes a large amount of ITB documents in a short time by applying natural language processing (NLP) and bi-directional long short-term memory (bi-LSTM) algorithms. This study proposes two models. First, the semantic analysis (SA) model is a rule-based approach that applies NLP to extract key risk clauses. Second, the risk level ranking (RLR) model is a train-based approach that ranks the risk impact for each clause by applying bi-LSTM. After developing and training an artificial intelligent (AI)-based ITB analysis model, its performance was evaluated through the actual project data. As a result of validation, the SA model showed an F1 score of 86.4 percent, and the RLR model showed an accuracy of 46.8 percent. The RLR model displayed relatively low performance because the ITB used in the evaluation test included the contract clauses that did not exist in the training dataset. Therefore, this study illustrated that the rule-based approach performed superior to the training-based method. The authors suggest that EPC contractors should apply both the SA and RLR modes in the ITB analysis, as one supplements the other. The two models were embedded in the Engineering Machine-learning Automation Platform (EMAP), a cloud-based platform developed by the authors. Rapid analysis through applying both the rule-based and AI-based automatic ITB analysis technology can contribute to securing timeliness for risk response and supplement possible human mistakes in the bidding stage.
... In this paper, we identify the risk factors that occur frequently in the course of a project and are likely to have a significant impact on the project cost through literature and questionnaires, and on this basis we establish a project cost risk index system for the EPC general contracting model [3][4][5][6][7][8][9][10] . The system mainly includes 4 risk items and 14 risk factors, as shown in Table 1. ...
EPC projects with large engineering and procurement volumes, long construction cycles and management difficulties, the risks faced are also more complex and varied than in other contracting models. This paper establishes a risk index system by documentary method and evaluates and calculates the cost risk in two different environments at home and abroad by hierarchical analysis, so as to find the similarities and differences and propose countermeasures to provide a basis for risk management in China’s EPC contracting model.
... In Fouladgar et al.'s [18] study, the organizational strategies were first formulated using SWOT tool and then ranked based on BSC indicators. For this purpose, they combined AHP and TOPSIS [52] methods. ...
... Generally, competence is a collection of knowledge, value, skills, capabilities, and other behavioral characteristics that can be measurable and related to individual performance (Moein et al., 2015). One of the most important areas of competence that has a great impact on the success of projects is project management competencies (Jahantigh et al., 2017). Therefore, the development of project management competency standards is considered as one of the basic needs of PBOs. ...
The capabilities of project managers determine the success of the projects. Nowadays, the standards of project management competence in the most advanced societies in the world are widely accepted. Several published articles and books in this area, and the increasing attention of organizations to the desirability of project management, also indicate its increasing importance. Developing a model for assessing the identification of project management based on the behavioral and professional principles in order to select, evaluate and enhance the human resources of the project will have a significant impact on the professional development and professional excellence of this specialized field in project-based organizations (PBOs). Over the years, knowledge of skills and knowledge for project success has been one of the most fundamental issues. In this study, the interpretive structural modeling (ISM) method is used, and then the competencies are ranked according to the given privileges. The findings of this study indicate that all of the competencies of a project manager are significantly related to achieving project performance in terms of leadership, organization, production management, technicality, and so on. Knowledge and experience of project management, leadership, knowledge and practical experience, industry knowledge and experience, and cognitive and individual effectiveness are among the most influential factors that have a significant impact on competency.
Keywords Project Management, Project Manager's Competency Standards, Project-Based Organizations (PBOs), Criteria, ISM Methodology
TOPSIS method, as a relatively new comprehensive evaluation method for multi-objective decision making, makes use of the proximity between the evaluation object and its ideal target to rank the relative advantages and disadvantages, and is a comprehensive evaluation method for intra-group distance. This method is often combined with risk identification technology in the field of risk assessment, which can accurately reflect the gap between evaluation schemes, correctly identify risks, assess risks and scientifically control risks, reduce adverse effects and improve management level, so it is widely used in the engineering field. As the infrastructure construction tends to be saturated and the industry competition becomes increasingly fierce, the project construction mode is gradually changing from the traditional mode to the EPC mode. EPC projects have the characteristics of large construction scale, many personnel and mixed technologies, and are faced with complex risk factors in the construction process. Therefore, it will become a trend to explore the better integration of EPC projects and TOPSIS method. This paper mainly discusses the advantages and disadvantages of TOPSIS method, research status and applicability with EPC, proposes my own views on the improvement of TOPSIS method in EPC projects, and looks forward to its future research direct0069on in the field of risk assessment, so as to provide references for the integration and improvement of EPC projects and TOPSIS method.
This study applies the two-tier stochastic frontier model to estimate the distribution of housing transaction information in Hangzhou, Wenzhou, Ningbo, and Jinhua (four cities in Zhejiang Province, China) during the year 2018, to analyze the difference in the price information acquired by the buyers and sellers in the transaction, and the effect of information asymmetry on the transaction price. The empirical results show that in each city, during the housing transaction process, the supplier has more complete information about house prices than consumers, and can therefore implement price discrimination strategies in setting service prices. Due to the disadvantage in acquired information, consumers on average need to pay a price 4.86% higher than a reasonable transaction price. In addition, the information asymmetry problem in urban areas is relatively more serious than in other areas. In terms of comparisons between cities, Hangzhou had the largest net surplus in the housing transaction market, followed by Jinhua, Ningbo, and Wenzhou.
Studies on the safety of construction projects have demonstrated the importance of various indexes influencing project success. Despite their large diversity, some of these indexes are common in all projects. This paper investigated the major indexes which are related to the owner/contractor agreement type in projects. A hybrid analytical model was utilized to determine the importance of the indexes. Four major indexes and 16 sub-indexes were adopted based on the PMBOK code and a review of the literature. Data collection was performed via two standard questionnaires, to determine the interrelationships and importance level of the indexes, based on a 9-point scale pairwise comparison. The data were analyzed using the fuzzy ANP method, in combination with the DEMATEL method. The results demonstrated that the ‘legal index’ had the highest impressiveness, followed by the ‘financial’, ‘operational’, and ‘construction-related indexes’, respectively. Accordingly, some strategies are recommended to reduce the damage indexes in projects.
With the improvement of China’s urbanization level and the development of the socialist market economy, the construction engineering industry is also facing new opportunities and challenges. As the most widely used EPC model in the field of engineering contracting, contract risk management is particularly important, not only related to the economic benefits of enterprises, but also has a significant impact on the improvement of the management level of general contractors in China. This article uses 264 articles of important industry journals in the 2016–2020 CNKI database and the Web of science core database as the data source to deeply analyze the research focus and trend of EPC general contracting project contract risk management. The conclusion shows that the research on the contract risk management of EPC general contracting projects has become mature, and the research interest has shown a downward trend in recent years. The research hotspots mainly focus on “EPC project pre-risk management”, “EPC project implementation process risk management” and “Three aspects of risk management in the later stage of EPC projects; the research hotspots of contract risk management of EPC general contracting projects in the future will mainly focus on emerging fields such as “informatization management” and “international engineering projects”. This has certain theoretical guiding significance for guiding EPC project contract risk management, improving construction project profit and improving the management level of China’s engineering enterprises.
Oil and gas offshore projects generally characterized as very high risk. The activities are well known exposed to a high level of risk that can't be ignored, but it still can be able to manage. In the past two decades since the 1980s, there are many studies in various aspects of managing risk in oil and gas projects that have been conducted. The studies conducted include risk identification, risk assessment, risk response, and risk monitoring, and control. Although the number of studies conducted has been increasingly focused on risk management in offshore oil and gas projects, there are still limited number of published studies that summarise the literature. Hence, this paper aims to examine the present published studies on managing risk in oil and gas projects from a holistic outlook which may be used as a future guideline. To fulfill this paper's aims, a systematic literature review was carried out by giving the areas focused on areas fields in oil and gas projects, studied approaches used by other researchers, by showing the pattern in research through the previous years. This paper also discussed the research gap found which might be used for future prospective studies.
To increase efficiency of energy sector, the implementation of renewable energy systems and finding most appropriate renewable energy resource is of high significance for governments. One of the fundamental decision-making problems in energy sector is to design decision making tools to find optimal energy resources. Usually, experts in the energy decision-making sector have a platform containing multiple criteria indicators that are expressed as conflicting objectives. In this paper, we proposed a Multiple Criteria Decision-Making (MCDM) model to handle conflicting objectives while evaluating five renewable resources: solar PV, Solar thermal, wind power, geothermal, and biomass with respect to economic, technical, social, and environmental aspects. Shannon Entropy method is used to determine the importance of criteria. Evaluation based on distance from average solution (EDAS) is used to prioritize the renewable energy technologies. To demonstrate the feasibility of the proposed decision-making model, a real-life case study for Saudi Arabia is investigated. Under defined socio-economic and environment criteria, results indicate that wind energy can be opted the as most suitable source fitted to the objectives and policies of the decision makers. In order to verify the results and to show the impact of parameter changes on final solutions, different sensitivity analysis tests are performed.
