{"id":23413,"date":"2024-04-23T19:10:42","date_gmt":"2024-04-23T16:10:42","guid":{"rendered":"https:\/\/fractory.com\/?p=23413"},"modified":"2024-10-21T17:03:35","modified_gmt":"2024-10-21T14:03:35","slug":"risk-management-in-epc-projects","status":"publish","type":"post","link":"https:\/\/fractory.com\/risk-management-in-epc-projects\/","title":{"rendered":"Procurement and Supply Chain Risks in EPC Projects"},"content":{"rendered":"

Engineering, Procurement and Construction (EPC)<\/strong> projects are becoming one of the most common methods to implement, large, complex projects. Undertaking EPC projects involves a meticulous approach towards planning, sourcing, and managing materials, equipment, and services essential for major construction and industrial endeavours. These projects, spanning diverse sectors such as oil and gas, energy\/power, and infrastructure development, entail a multitude of challenges and risks within their entire lifecycle.<\/p>\n

Project teams must ensure that their engineering and construction projects are well planned, have clear objectives with critical success factors defined and ensure they can manage risk at an acceptable level<\/strong>. Unexpected events can happen in complex projects and where possible assurance that a contingency plan is established.<\/p>\n

Risks in projects can have adverse consequences for a project execution often with common objectives such as on-time delivery, quality and cost<\/a>. Potential risks are usually associated with supply chain, logistics, supplier risk \/ relationships and others, all of which can impact the success.<\/p>\n

As the cornerstone of EPC endeavours, procurement<\/a> encompasses the sourcing and management of materials, equipment, and services essential for project execution. Yet, this seemingly straightforward process is fraught with complexities that demand careful navigation.<\/p>\n

\n Key Takeaways<\/span>\n