Assessing the Effect of Using Project Management Body of Knowledge in Improving Financial Success of EPC Projects

In recent years, EPC has been one of the popular ways of implementing Iran's infrastructure projects. However, the completion of these projects has always been accompanied by increased costs. On the other hand, project success depends to a large extent on the proper implementation of project management. Therefore, examining the impact of applying project management standards on the financial success of EPC projects can help to identify the areas that affect the financial success of these projects. Therefore, the main purpose of the present study is to evaluate the impact of applying PMBOK to improve the financial success of EPC projects. To achieve this goal, a questionnaire based on components derived from previous studies was prepared and distributed among EPC project specialists. At this stage, the factors affecting the financial success of the EPC projects were identified and classified according to the 10 PMBOK standard 10 areas. Experts' opinions on the importance of each of the identified factors to improve the financial success of EPC projects were evaluated based on Likert's five-choice spectrum using SPSS software. One sample T-test was used to test the research hypotheses. The results show that applying the standard project management knowledge domain has a significant impact on improving the financial success of EPC projects. Factors were also prioritized by the Friedman test. The results show that cost management and quality management with an average rating of 8.20 and 8.12 had the highest impact, respectively, and communication management and range management with 2.35 and 1.95 had the least impact on improving the financial success of EPC projects.