A Hybrid Method for Realistic Planning in Engineering, Procurement and Construction Projects

Schedule realistically is essential to successfully achieve EPC (engineering, procurement and constriction) project objectives. In a real life project, various risks exist where they not only prevent project to be completed within budget and time limit; but also threaten quality, safety and operational needs. Risk management process by itself cannot eliminate all the critical risk factors (CRFs) which exist in project. So, in order to give a much realistic project scheduling and handle the consequences of sudden unexpected risks, this research proposed a comprehensive and practical framework for planning and controlling project time based on the integration of risk management and critical chain project management (CCPM). Risk analysis is first determined through fuzzy FMEA technique. The varying effect of identified risks over project activities duration is quantified through activity-risk factors matrix. To reduce these effects, fault tree and event tree analysis are combined allowing the root causes of the risk event be defined and probability of each mitigation strategies determined. Eventually, CCPM is used to avoid waste of time in project schedule. This research able to produce a realistic project schedule and also it will be very useful to EPC projects that are faced with constant risks throughout project execution.

Keywords:

Realistic scheduling , risk management , critical chain , time buffer , EPC project , construction