Risk Management in EPC Contract - Risk Identification

Abstract

In this paper, we discuss the major risks identified in an EPC Contract which may affect the project. These are the practices as a part of risk management. The key benefits of this process is the documentation of existing risks and the knowledge and ability it provides to the project team to anticipate events. Risk identification is an iterative process, new risks may evolve or become known, as the project progresses through its life cycle. The frequency of iteration and participation in each cycle will vary by situation. The process should involve the project team so they can develop and maintain a sense of ownership and responsibility for the risks and associated risk response actions. Stakeholders outside the project team may provide additional objective information. A case study of construction of a Radial Intake well (an EPC Contract) for a Thermal Power Plant has been considered for this research work.