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The world as a whole spends nearly $10 trillion of its $40.7 trillion gross product on
projects of all kinds. Today’s companies, governments, and non-profit organizations are
recognizing that to be successful, they need to use modern project management
techniques. Most of the international trade initiatives are being performed through
projects and therefore project management techniques are increasingly taking a higher
relevance in the international trade context in which MITB is framed.
EPC contracts have become one of the most prominent ways to perform international
trade business in energy, construction and other sectors throughout the world. Their
capital intensive investment and the risks associated with these kind of projects make it
necessary to implement a powerful project management approach to avoid time and cost
deviations.
Today’s Engineering, Procurement and Construction (EPC) projects are becoming more
complex and are being implemented on a much larger scale, with large contract values.
Companies need to have a clear strategy on how to draft, manage and negotiate their
EPC contracts in a way that protects their organization from costly delays, cost
overruns, disputes and liabilities. No matter how complex the project may be, only the
best utilization of all affordable tools for risk mitigation will ensure mutual profit and
benefits.
Leading organizations across sectors and geographic borders have been steadily
embracing project management as a way to control spending and improve project results.
Project risk management, as part of the project management processes, is the art and
science of managing risks caused by unforeseen changes (uncertainties), which may
require deviations from the planned approach and may therefore affect the achievement
of the project objectives. It involves systematically identifying, analyzing, planning and
controlling risks.
The seminar aims to introduce students into these three intertwined areas. Starting form
Project Management knowledge areas and project life cycle concepts followed by EPC
contracts special features to focus on project risk management on EPC contracts since
those are the most critical projects which are being carried out in the international trade
business.
2. Learning objectives
At the end of the unit, it is expected that students will have acquired the following skills:
1. Identify the key project management knowledge areas and their relation with the
project life cycle.
7. Identify and analyze the main differences between an EPC contract and other
construction contracts (turnkey, cost reimbursable, etc.).
8. Describe the different management roles in an EPC contract comparing the key
aspects of each of them.
9. Explain the different risks that an international project can face during its execution.
10. Apply a risk management model to an EPC contract identifying the main risks that
could be faced during the project life cycle.
The methodology of the course is primarily based on developing educated and rationally
oriented opinions to make project decisions driven by conceptual frameworks, factual
evidence, proven tools and scientific techniques on EPC Project and Risk Management.
The unit is organized around student centered learning through different means, i) class
lecture, ii) discussion of EPC Project and risk management issues extracted from real
practice. To achieve this, a high level of commitment and interaction is needed.
4. Teaching Schedule
There will be one 5-hour session in which we will be developing the topics shown here-
below.
5. Course References
Textbook
Dale F. Cooper, Stephen Grey, Geoffrey Raymond and P. Walker., 2005, Project Risk
Management Guidelines, London: John Wiley.
Recommended Books
Chris Chapman, Stephen Ward, 2003, Project Risk Management: Processes, Techniques
and Insights. London:John Wiley.
Luis D. Alfaro, Gregory B. Baecher, Fernando Guerra, Robert C. Patev., 2015. Assessing
and Managing Natural Risks at the Panama Canal. 12th International Conference on
Applications of Statistics and Probability in Civil Engineering, Vancouver: ICASP12
Kerur S & Marshall W., 2012, Identifying and managing risk in international construction
projects, London:International Review of Law
Education: Master in Marketing -GESCO- at ESIC Business & Marketing School, Master in International Trade
Management at Universidad de Valencia, Master in Legal Proffession Improvement and Practice at Colegio de
Abogados de Valencia, Law graduate at Universidad de Valencia.
Professional experience: She has worked at the Export Department of different Spanish companies mainly
working with consumers goods.
Deep knowledge of promotional tools for International Trade as well as great experience in Asian markets.
International Consultant and teaching at different Business Schools. She is certified Consultant for ICEX,
IVACE and Chambers of Commerce.