Cost Management Specialist
3 weeks ago
Summary:
Business Justification Effective monitoring and reporting of project costs and project management consultation are critical for project success. The Project Controls Cost Management Specialist provides a baseline cost and forecast to ensure that the project team and business leadership understand the project progress as well as any issues or concerns during execution.
Assists the project managers and project engineers to ensure utilization of cost management best practices to achieve project objectives. This position works with the project leadership team to ensure accurate and timely cost controls are implemented and maintained during the project lifecycle.
Responsibilities:
- Derive the cost baseline based on project plans, baseline estimate, and baseline schedule.
- Collaborate with project estimators to ensure project estimation is done effectively for cost control.
- Provide project teams with up-to-date commitment, spending, deviation, and forecast information.
- Analyze project commitments and spending to ensure alignment with project scope and estimate.
- Investigate and resolve discrepancies between expected and actual spending and commitments.
- Develop accurate cash-flowed forecasts using project knowledge from various sources.
- Record cost deviations and project change orders accurately in project data and forecast.
- Monitor charges for accuracy, timeliness, reporting, correction, and reconciliation.
- Coordinate with Project Manager and cost accountants to book project accruals.
- Issue Project Controls Reports to the project team as per documented Project Controls Plans.
- Provide final cost data at project closure and assist in lessons learned reporting.
- Assist with Project Closures and resolving SAP issues.
- Validate project schedules using commercial software like Deltek.
- Participate in the risk management process and communicate QPA dates to the Risk Lead.
- Track project changes to Budgets, Forecasts, Commitments, and Available Costs.
Education Qualification:
- - Bachelor's degree in Finance, Accounting, Business Administration, or related field.
Key Interactions With Other Roles
• Cost Estimating – understand the basis and details of the estimate, using that as the initial baseline.
• Schedule Progress – understand the basis and details of the schedule, using that as the initial baseline.
• Construction Manager – understand the construction strategy and how that will impact construction costs.
• Project Engineer – understand the EPCM strategy and obtain day to day updates on changes or variances in scope, schedule, or cost.
• Project Manager – obtain day to day updates on changes or variances in scope, schedule, or cost and reflect this in the monthly reports.
• EPCM Contractor(s) – obtain cashflow and invoicing reports.
• External Organizations and Associations – understand industry best practices and trends.
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