Research on Optimization of Cost Control in EPC General Contracting Projects Based on Big Data

In today's data-centric engineering management landscape, the EPC general contracting model has emerged as a key player in the global construction sector, owing to its adeptness in resource integration, project duration reduction, and risk mitigation. Nonetheless, with the expansion of project scopes and growing intricacy, general contractors encounter escalating challenges in cost management. Therefore, this study employs big data analysis to probe into the dynamics of EPC general contracting projects, aiming to unearth optimization techniques for cost control spanning design, procurement, construction, and project completion stages. Through case studies, the research showcases the utilization of big data technology for precise cost forecasting, risk evaluation, and process streamlining, culminating in meticulous control over project expenses. The findings underscore that big data-driven cost control strategies not only bolster the efficiency and accuracy of project cost management but also furnish decision-making support to general contractors, enabling them to gain a competitive edge in the fiercely competitive market landscape.

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Publication Details

Published
2024-09-13
DOI
https://doi.org/10.1109/itme63426.2024.00074
Primary Topic
Evaluation and Optimization Models
Type
article
Field-Weighted Citation Impact
0.00

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article

Research on Optimization of Cost Control in EPC General Contracting Projects Based on Big Data

Mingyou Liu, Zhaofang Zhang, Xiaowen Chen
Evaluation and Optimization Models
article

Research on Optimization of Cost Control in EPC General Contracting Projects Based on Big Data

Mingyou Liu, Zhaofang Zhang, Xiaowen Chen
article en

Abstract

In today's data-centric engineering management landscape, the EPC general contracting model has emerged as a key player in the global construction sector, owing to its adeptness in resource integration, project duration reduction, and risk mitigation. Nonetheless, with the expansion of project scopes and growing intricacy, general contractors encounter escalating challenges in cost management. Therefore, this study employs big data analysis to probe into the dynamics of EPC general contracting projects, aiming to unearth optimization techniques for cost control spanning design, procurement, construction, and project completion stages. Through case studies, the research showcases the utilization of big data technology for precise cost forecasting, risk evaluation, and process streamlining, culminating in meticulous control over project expenses. The findings underscore that big data-driven cost control strategies not only bolster the efficiency and accuracy of project cost management but also furnish decision-making support to general contractors, enabling them to gain a competitive edge in the fiercely competitive market landscape.

Guiyang Medical University (CN)
Guizhou Medical University
Industry, innovation and infrastructure
Openalex Percentile: Top 65%
Evaluation and Optimization Models
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