Project Management and Planning Procurement on Construction
Authors- Research Scholar Kapa Lakshmikanrha Reddy, Registrar Prof. Dr G. R. Selokar, (Supervision)
The other complicating factor is that the largest portion of an EPC project (construction) is also the riskiest. Engineering and procurement have their risks, but they cannot begin to compare with the magnitude of uncertainties that frequently characterize construction projects. Even with the best outlook for events that may impact a construction project, there are often areas of risks that cannot be envisioned or fully quantified. These “soft” areas can lead to significant cost and schedule impacts in the middle of construction.A high potential for unforeseen problems exists, and costs can vary according to conditions. The remoteness or small footprint of construction sites can also be challenging. In addition, construction schedules are often getting tighter. This is due to the need to bring a project online as soon as possible, along with the overall project schedule being over-expended during the engineering and procurement phases.