Study On The Risks Of International Engineering Project Management

With the globalization of the world economy and China joining the WTO.Chineseinternational contractors will surely witness a much more favorable opportunity to expand theinternational construction market．As uncertain factors will occur and affect of the manyevery phases international projects，it is crying need for international contractors to makedetailed study on the risks management of international projects so as to effectively avoidrisks and increase profits．The study of the risk management of international projects willincludes many concerns，such as the types of risk．events that will arise during the projectexecution，ways in which risk events affect the project，the probabilistic characteristics of therisks and their degree of negative impacts，which risk events are the most what the of riskevents dangerous，in way degree of negative consequences can be minimized，whichpreventive mechanisms should be implemented and SO on．According to the diversified risks concerns of the international contractors，this articlefirstly made a general analysis on the essentials of the risks，and with a fully considerationon the characteristics of the international projects，summarized and classified the main riskfactors in the international projects．Secondly this article defined the project life cyclefrom the point of the project contractors and analyzed the relationship between the risksmanagement and other fields of the project management and then discussed，from the view ofthe system theory,the theory structure of the risks management in internationalprojects．Based on the above mentioned studies，this article further made a discussion on therisk management processes as for the international projects．It is proposed that a completedrisk management for an international project should include six related processes，whichare Risk Management Planning，Risk Identification，Qualitative Risk Analysis，QuantitativeRisk Analysis．Risk Response Planning and Risk Monitoring and Contr01．Among which，the Risk Management Planning is the first step and it determines the ways to planning andconducting the risk management actives．The Risk Identification，as a fundamental work，serves to list the risk events that may occur in the project by using different tools such asdocumentation review,information—gathering techniques or assumptions analysis．Then，therisk management process moves on to the Qualitative and Quantitative Risk Analysis to determine the overall risk ranking for the project and the list of prioritized risks．After therisks determined．it is for the Risk Response Planning to find different respond Ways to thedifferent risks．The general respond ways may include avoidance． transference．mitigation and acceptance.To ensure the execution of risk plans and evaluate theireffectiveness in reducing risk，the Risk Monitoring and Control plays the role of keeping Packof the identified risks．monitoring residual risks and identifying new risks．Finally, the paper analyzed the situation of the African international engineeringcontracting market,analyzed specifically the problem existing in the African project market aswell as the situation of Chinese contracting projects in Africa，thereby combining the case ofthe Nigerian Railway Modernization Project,put forward how to use risk identification，riskanalysis and risk response to deal with risks，including the use of Analysis Hierarchy Process（AHP）and targeted countermeasures．this paper combing the characteristics of Africanmarket,put forward some countermeasures to reduce the risk of international contractingproject and improve business efficiency，such as enhancing awareness of risk aversion,actively taking territorial management strategies etc．...