Global Journal of Human Social Science, E: Economics, Volume 22 Issue 7

Knowledgeable project manager and workshop supervisor 6.32 39 0.001 8.12 6.59 14.71 Project control 6.12 39 0.004 6.35 6.02 12.37 Avoiding complex bureaucracy 8.11 39 0.0001 8.36 6.70 15.06 Quality materials and equipment 7.13 39 0.012 4.21 5.61 9.82 Selection of quality subcontractors 5.26 39 0.024 4.13 5.01 9.14 Lack of successive changes in the project implementation team 5.41 39 0.016 4.19 5.32 9.51 Adequate expertise 5.96 39 0.004 6.34 6.03 12.37 Proper installation, commissioning and troubleshooting of equipment 6.45 39 0.002 7.84 6.49 14.33 Timely payment to the contractor 7.05 39 0.001 8.14 6.61 14.75 Applying project cost management 5.48 39 0.017 4.16 5.30 9.46 Applying project risk management 4.67 39 0.031 7.36 6.37 13.73 Applying project communication management 5.13 39 0.023 7.98 6.52 14.50 Creating innovation and using new technologies 6.15 39 0.0001 8.47 6.73 15.20 Economic stability 5.32 39 0.008 8.19 6.61 14.80 Coherence of organizational structure 4.89 39 0.012 4.85 5.76 10.61 According to the results obtained in Table 2, due to the smaller significance level of all variables than 0.05, all research hypotheses were confirmed. The Friedman ranking test was used to prioritize the factors affecting on increasing EPC contractors' profits. Table 3: Prioritize the factors affecting on increasing EPC contractors' profits Impact Factor Rank Description Variable 6.846165 1 Timely supply of equipment X1 6.690402 2 Avoiding complex bureaucracy X2 6.20086 3 Creating innovation and using new technologies X3 6.097018 4 Adequate expertise X4 5.978341 5 Timely financing X5 5.896751 6 Timely payment to the contractor X6 5.696484 7 Applying project cost management X7 5.444296 8 Proper design and engineering X8 5.288533 9 Knowledgeable Project manager and workshop supervisor X9 5.177273 10 Quality manpower X10 4.873164 11 Proper project planning X11 4.769322 12 Applying project risk management X12 4.465213 13 Economic stability X13 4.205607 14 Selection of quality subcontractors X14 4.027592 15 Project control X15 3.997923 16 Proper installation, commissioning and troubleshooting of equipment X16 3.894081 17 Quality materials and equipment X17 3.738318 18 Lack of successive changes in the project implementation team X18 3.471295 19 Applying project communication management X19 3.241359 20 Coherence of organizational structure X20 According to table 3 and the results obtained, the proposed model for increasing the profitability of EPC projects is presented as follows, in which the variable "y" indicates the level of profitability. Y=6.84x 1 +6.69x 2 +6.20x 3 +6.09x 4 +5.97x 5 +5.89x 6 +5.69x 7 +5.44x 8 +5.28x 9 +5.17x 10 +4.87x 11 +4.76x 12 +4.46x 13 +4.20x 14 +4.02x 15 +3.99x 16 +3.89x 17 +3.73x 18 +3.47x 19 +3.24x 20 IV. D iscussion According to table 3, the parameters of Timely supply of equipment, Avoiding of complex administrative bureaucracy, innovation and use of new technologies, adequate expertise, timely financing, and timely payment to the contractor have the greatest impact on increasing the profits of EPC contractors, respectively. In EPC projects, the first step is to specify a list of equipment and place an order to purchase it. Until the equipment isn’t purchased, practically no progress can be expected for the project. Given that vendors have already been identified, the procurement process should begin as soon as the contract enters into force. Many companies have complex bureaucracies to buy equipment. Especially when the contractor is a © 2022 Global Journals Volume XXII Issue VII Version I 65 ( ) Global Journal of Human Social Science - Year 2022 E Designing an Optimal Model to Implement and Increase the Profitability of EPC Projects