Risk Assessment of Construction Cost Overspend of F+EPC Project Based on the Fuzzy Matter-Element Model

F+EPC project is a common project management model in China, where contractors are responsible for financing, design, procurement, and construction, and the risk of cost overruns is more significant. Therefore, a risk assessment model based on fuzzy matter-element model is proposed. Based on the characteristics of F+EPC project, a comprehensive evaluation index system was constructed. Then, analytic hierarchy process and entropy weight method were selected to calculate subjective weight and objective weight, and the game theory was used to calculate combination weight. Finally, fuzzy logic was introduced into matter-element model to systematically analyze and evaluate the risk of construction cost overrun of F+EPC project. This model can deal with the fuzzy uncertainty in risk assessment effectively. Taking the F+EPC project of Henan Yijian Group Co., Ltd. as an example, the analysis shows that the risk of cost overrun is moderate, and three risk control strategies are proposed. Compared with the classic method, this method is more suitable for complex and ambiguous F+EPC project cost management.