A review of research related to risk management of EPC engineering projects and future prospects

Abstract

EPC general engineering contracting mode is a kind of contracting method widely used in large-scale engineering construction activities at present. This mode provides a new mode for the completion of large-scale projects, which has played a certain role in promoting China's economic development, while its problems are also becoming more and more obvious. At present, with the "Belt and Road" initiative and the establishment of RCEP, a large number of cross-border EPC projects to carry out the implementation of the academic community for the EPC general contracting mode of research continues to be hot, to explore the main risk management mechanism. In this paper, the relevant literature is sorted out according to the chronological order and importance, and the conceptual definition of EPC general contracting model is summarised, and it is also found that the research on risk management in the existing literature is mainly from the four aspects of risk identification, risk evaluation and measurement, risk control and response, and digitalisation of risk management. The results of this paper not only summarise the main literature on risk management in EPC projects, but also clarify the strengths and weaknesses of the relevant research, providing a development direction for future research.