Cost Control Engineer
4 days ago
- Establish a process for information flow regarding each expense head, including design heads, equipment/material procurement, logistics costs, mobilization and demobilization of personnel/machinery, subcontractor costs/claims, and other relevant costs such as customs, duties, liabilities, and insurance.
- Provide assigned project cost estimates, including material, manpower, equipment/material costs, subcontracts, third-party services, and financial costs, etc.
- Coordinate with project engineers to clarify any queries or discrepancies.
- Determine the "Estimate to Complete" (ETC) cost for the remaining works and coordinate with different disciplines to gather ETC data.
- Prepare periodic reports on the status of incurred costs and variations between budgeted vs. actual costs, in consultation with the supervisor/Project Manager.
- Monitor costs, generate variance reports as needed, and forward them to the Supervisor/Project Manager for review.
- Assess potential variations/claims from subcontractors and vendors.
- Participate in project review meetings, if required, and provide cost-related data as needed.
- Interface with project engineers and Accounts to provide clarifications and assistance as required.
- Propose new suggestions and continuously improve and update the processes for effective cost control.
- Develop a historical cost database for projects to aid future reference.
- Provide training and guidance to new or junior Cost Control personnel.
Essential Qualifications And Skills
- Bachelor's degree in engineering.
- Minimum of 15 years of professional experience, including:
- At least 5 years in the cost control function of EPC medium projects.
- Preferably the last 2 years in the cost control function within the Oil & Gas sector.
Cost Estimation and Budgeting:
- Develop and manage cost estimates for projects from the initial planning phase through completion. This includes calculating material, labor, equipment, and overhead costs.
- Collaborate with project managers and engineers to prepare detailed budgets for engineering projects, ensuring alignment with financial goals and project objectives.
- Monitor and review project budgets throughout the life cycle of the project, adjusting forecasts as necessary to reflect changes in scope or unforeseen costs.
Cost Control and Financial Monitoring:
- Track and analyze actual costs against budgets, identifying discrepancies and proposing corrective actions to avoid budget overruns.
- Use cost control software and financial systems to provide real-time monitoring and reporting of project costs and financial performance.
- Conduct regular financial reviews and audits to ensure compliance with budget, financial policies, and procurement guidelines.
Risk Management:
- Identify potential financial risks and uncertainties that could impact the project budget and timeline, and develop strategies to mitigate those risks.
- Assist in developing contingency plans to account for unforeseen expenses or changes in scope.
Cost Reporting and Documentation:
- Prepare detailed cost reports, financial analysis, and progress updates for senior management, stakeholders, and clients.
- Ensure proper documentation of cost-related data, including invoices, procurement records, and change orders, to maintain transparency and accountability.
Forecasting and Variance Analysis:
- Produce cost forecasts based on project progress, identifying potential cost overruns or savings and providing early warning to stakeholders.
- Perform variance analysis to compare actual costs against forecasts and identify areas for improvement or corrective actions.
Collaboration and Stakeholder Communication:
- Work closely with project managers, procurement teams, contractors, and other stakeholders to understand cost drivers, negotiate prices, and ensure alignment on cost expectations.
- Provide cost-related advice and recommendations to senior leadership, helping them make informed decisions about resource allocation, scheduling, and risk management.
Contract Management and Change Orders:
- Oversee and manage cost implications related to contract management, including reviewing and analyzing contract terms, change orders, and claims.
- Ensure that change orders are properly documented and that the associated costs are integrated into the overall project budget.
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