Title :
Risk analysis of EPC project based on ISM
Author :
Yu, Ning ; Wang, Yanfeng
Author_Institution :
10th Constr. & Installation Co., Yanjian Group Co., Ltd., Yantai, China
Abstract :
A number of qualitative and quantitative risk analysis methods have a current problem which is lack of systematization and strategy in risk analysis. It is necessary for EPC project to clear the relationship among different risks before risks appear because the probability of some risk may be changed if one risk event occurred. Aiming at this, Interpretive Structural Modeling (ISM) method which is the most effective solution for the problem was introduced into the risk analysis of EPC project. 11 main risks of the EPC contractors summarized via group brainstorming were assessed by ISM method. Then a Risk-Structure-Figure was set up which shows a clear relationship among the 11 risks. The conclusion is of great value to the quantitative risk analysis, such as Analytical Hierarchy Process (AHP), etc.
Keywords :
construction; contracts; decision making; procurement; project management; risk analysis; AHP; EPC contractors; EPC project; ISM; ISM method; analytical hierarchy process; engineering procurement and construction; interpretive structural modeling; qualitative risk analysis; quantitative risk analysis; Analytical models; Contracts; Law; Matrix decomposition; Procurement; Risk management; “Engineering, Procurement and Construction” (EPC); Interpretive Structural Modeling (ISM); Risk Management;
Conference_Titel :
Emergency Management and Management Sciences (ICEMMS), 2011 2nd IEEE International Conference on
Conference_Location :
Beijing
Print_ISBN :
978-1-4244-9665-5
DOI :
10.1109/ICEMMS.2011.6015642
