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Project Risk Management: Methodology Development for Engineering, Procurement and Construction Projects a Case Study in the Oil and Gas Industry

Received: 19 March 2015     Accepted: 3 April 2015     Published: 14 April 2015
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Abstract

EPC Project comes with a set of risks that are unique and hence cannot be addressed in the context of general construction risks. This paper researches existing methodologies and presents a customizable framework for project risks assessment with EPC project. A case study specific to the Oil and Gas industry has been used. The developed framework is also extendable for other EPC works.

Published in American Journal of Civil Engineering (Volume 3, Issue 3)
DOI 10.11648/j.ajce.20150303.14
Page(s) 75-79
Creative Commons

This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.

Copyright

Copyright © The Author(s), 2015. Published by Science Publishing Group

Keywords

Project Risk Management, Integrated Risk Management, Risks in Procurement, Risks in Construction, construction Management, Oil and Gas Industry, EPC (Engineering, Procurement, Construction)

References
[1] Burke, R., 1999. Project Management: Planning & Control Techniques. 3rd ed. New York: John Wiley and Sons.
[2] Fairley, R., 1994. Risk Management for Software Projects. IEEE Software. 11(3), pp. 57-67.
[3] Haghnevis, M. and Sajedi, H., 2006. A model for assessment of project management risk models. 4th International Management Conference. Tehran, Iran, 19-20 [online] Available at: http://mba.mbairan.ir/Portals/0/388_Full_moeed.pdf, [Accessed on March 18, 2015]
[4] Heldman, K., 2005, Project manager's spotlight on risk management. San Francisco: Harbor Light Press.
[5] Huse, A. J., 2002. Understanding and negotiating turnkey and EPC contracts. 2nd ed. London: Sweet & Maxwell Ltd.
[6] Kangari, R., 1995. Risk management perceptions and trends of US construction. Journal of Construction Engineering and Management. 121(4), pp. 422-429.
[7] Loots, P. and Henchie, N., 2007, Worlds Apart: EPC and EPCM Contracts: Risk issues and allocation. International Construction Law Review. 24(1), pp. 252-270.
[8] March, J.G. and Shapira, Z., 1987. Managerial perspectives on risk and risk taking. Management Science. 33(11), pp. 1404-1418.
[9] Mulcahy, R., 2003. Risk Management: Tricks of the Trade for Project Managers. Minnesota: RMC Publications.
[10] Project Management Institute, 2008. ANSI/PMI 99-001-2008, A Guide to the Project Management Body of Knowledge. Newtown Square, Pennsylvania: PMI (Project Management Institute).
[11] Ramasamy, S., 2005. Total Quality Management, Delhi: Tata McGraw-Hill.
Cite This Article
  • APA Style

    Ashwin Amarshi Maru. (2015). Project Risk Management: Methodology Development for Engineering, Procurement and Construction Projects a Case Study in the Oil and Gas Industry. American Journal of Civil Engineering, 3(3), 75-79. https://doi.org/10.11648/j.ajce.20150303.14

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    ACS Style

    Ashwin Amarshi Maru. Project Risk Management: Methodology Development for Engineering, Procurement and Construction Projects a Case Study in the Oil and Gas Industry. Am. J. Civ. Eng. 2015, 3(3), 75-79. doi: 10.11648/j.ajce.20150303.14

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    AMA Style

    Ashwin Amarshi Maru. Project Risk Management: Methodology Development for Engineering, Procurement and Construction Projects a Case Study in the Oil and Gas Industry. Am J Civ Eng. 2015;3(3):75-79. doi: 10.11648/j.ajce.20150303.14

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  • @article{10.11648/j.ajce.20150303.14,
      author = {Ashwin Amarshi Maru},
      title = {Project Risk Management: Methodology Development for Engineering, Procurement and Construction Projects a Case Study in the Oil and Gas Industry},
      journal = {American Journal of Civil Engineering},
      volume = {3},
      number = {3},
      pages = {75-79},
      doi = {10.11648/j.ajce.20150303.14},
      url = {https://doi.org/10.11648/j.ajce.20150303.14},
      eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ajce.20150303.14},
      abstract = {EPC Project comes with a set of risks that are unique and hence cannot be addressed in the context of general construction risks. This paper researches existing methodologies and presents a customizable framework for project risks assessment with EPC project. A case study specific to the Oil and Gas industry has been used. The developed framework is also extendable for other EPC works.},
     year = {2015}
    }
    

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Author Information
  • L.E.College, Civil engineering department, Saurashtra University, Rajkot, State: Gujarat, India

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