Whois & Analysis for fluor.com

Project management is the discipline of initiating, planning, executing, controlling, and closing the work of a team to achieve specific goals and meet specific success criteria.

A project is a temporary endeavor designed to produce a unique product, service or result with a defined beginning and end (usually time-constrained, and often constrained by funding or deliverables) undertaken to meet unique goals and objectives, typically to bring about beneficial change or added value.

The temporary nature of projects stands in contrast with business as usual (or operations), which are repetitive, permanent, or semi-permanent functional activities to produce products or services.

In practice, the management of these two systems is often quite different, and as such requires the development of distinct technical skills and management strategies.

"Engineering, Procurement, and Construction" (EPC) is a particular form of contracting arrangement used in some industries where the EPC Contractor is made responsible for all the activities from design, procurement, construction, to commissioning and handover of the project to the End-User or Owner.

This form of contract is covered by the FIDIC Silver Book containing the title words "EPC/Turnkey".

Other abbreviations used for this type of contract is "LSTK" for "Lump Sum Turn Key", and some times also "EPCC" which is short for "Engineering, Procurement, Construction and Commissioning".

Use of EPC is common e.g. by FIDIC and most Persian Gulf Countries.

Use of LSTK is common in Kingdom of Saudi Arabia.

Use of EPCC is common in Qatar and some other countries e.g. by Qatar Petrolem.

Therefore, an EPC, LSTK or EPCC are all same types of contracts a typical well known example of which is the Silver Book of FIDIC.

Construction is the process of constructing a building or infrastructure.

Construction differs from manufacturing in that manufacturing typically involves mass production of similar items without a designated purchaser, while construction typically takes place on location for a known client.

Construction as an industry comprises six to nine percent of the gross domestic product of developed countries.

Procurement is the act of finding, acquiring, buying goods, services or works from an external source, often via a tendering or competitive bidding process.

The process is used to ensure the buyer receives goods, services or works at the best possible price, when aspects such as quality, quantity, time, and location are compared.

Corporations and public bodies often define processes intended to promote fair and open competition for their business while minimizing risk, such as exposure to fraud and collusion.

Engineering is the application of mathematics and scientific, economic, social, and practical knowledge in order to invent, innovate, design, build, maintain, research, and improve structures, machines, tools, systems, components, materials, processes, solutions, and organizations.