Various stages involved in EPC contracts.

It is the era of EPC projects where the task of Engineering, Procurement, and Construction is allotted to a single contractor. EPC projects are a form of turnkey projects...

It is the era of EPC projects where the task of Engineering, Procurement, and Construction is allotted to a single contractor. EPC projects are a form of turnkey projects where the owner of the companies can live with ease as everything ranging from planning, staffing, and procuring to project completion and even the salaries of the employees are taken care of by the contractors.

There are various stages that are involved in the EPC projects. These are as follows:

1.  Tendering

In this phase, the companies invite qualified and experienced contracts to apply for tenders. The Contractors fill the tender form with the entire cost of the turnkey projects. The companies then award the project to the suitable contractor.

2. Mobilization and Staffing

Once the tender is awarded, the contractors undertake the process of staffing whereby they seek for suitable candidates and laborers for the different tasks involved in the project. This also involves mobilizing where the contractors move to the site with all their staff and machines. They set up a site office for daily reporting and monitoring.

3. Planning

Once the staffing phase is over, the next vital step is planning. In this stage, the project manager defines the scope of the project and plans the processes that will take place in the entire project cycle. It forms a blueprint of the project where certain parameters are also set that helps in determining the success or failure of the project in the end.

4. Designing

Designing is an essential phase of EPC projects as the construction goes right only when the designing is done efficaciously. It also involves deciding the estimated quantity of materials required for each process.

5. Procurement and Logistics

Procurement refers to the process of determining the quantities of materials and resources and finding sellers who sell as well as ship the goods at rational rates. This is an essential phase as it leads to optimization of cost and resources.

6. Construction

Once the materials are transported to the site, the next vital step is the process of construction. The construction is done according to the planning and the design. Optimization of capital and resources are focused on this stage. Monitoring during the construction phase is imperative as it ensures that the construction is of top-notch quality. It also reduces the chances of errors.

7. Testing

Project testing refers to the process of analyzing the quality of the project. Under this phase, the project is tested based on various parameters set during the planning phase. If the project meets the parameters, then it is successful else modifications are made to ensure that the project aligns with the requirements of the client. It is also checked that the project follows all the norms laid down by the government.

8. Project Delivery/Completion Phase

Project Delivery or Completion phase is the final phase of any project. In this phase, the EPC contractors finish the project and hand it over to the companies.

EPC projects are quite popular in the present scenario as it leads to better designing, cost-effectiveness, efficiency and it even frees the owners from day-to-day hassles that may arise when dealing with multiple contractors. Thus, a plethora of companies nowadays go for EPC projects. For those seeking for jobs, knowledge of EPC can help you to land with a high-paying job. MIT Skills offers Advanced Post Graduate Program in EPC Projects. This course provides knowledge of vital concepts of EPC so that you can embark on each stage efficaciously. It is a course that will surely give a boost to your career.

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