Buying too early may risk a surplus; buying too late may impact the schedule and budget
Stephen Wyss Bechtel Oil, Gas and Chemicals
To stay on budget, major capital projects often call for aggressive schedules. Engineering, procurement and construction (EPC) contractors often end up using work processes that are not part of an established or standard work procedure, particularly for critical paths related to the piping design, supply, fabricate and erect processes. Contractors must acknowledge this risk, take steps to address it in order to minimize exposure, and be able to mitigate the inevitable surplus that will result. This article shows you how to do this.
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