Cost Management Specialist
2 weeks ago
About the Role:
We are looking for a Cost Management Specialist to join our team
The primary responsibility of this role is to provide effective monitoring and reporting of project costs, as well as project management consultation to ensure project success.
The Cost Management Specialist will work closely with project managers, project engineers, and the project leadership team to implement and maintain accurate and timely cost controls throughout the project lifecycle.
Responsiblities:
Derive the cost baseline based on project plans, baseline estimates, and baseline schedules.
Collaborate with project estimators to ensure project estimation is done effectively for cost control purposes.
Provide project teams with up-to-date commitment, spending, deviation, and forecast information to manage project budgets and costs.
Analyze project commitments and spending to ensure alignment with project scope and estimates.
Investigate and resolve any discrepancies between expected and actual spending and commitments.
Develop accurate cash-flow forecasts based on project knowledge from various sources.
Record and reflect cost deviations and project change orders in project data and forecasts.
Monitor charges for accuracy, timeliness, and reconciliation, pursuing corrections when necessary.
Issue monthly project Indicated Total Cost (ITC) reports.
Coordinate with Project Managers and cost accountants to book project accruals.
Provide final cost data to project teams at project closure and assist in lessons learned reprting.
Assist with project closures and resolving SAP issues.
Validate project schedules using commercial software like Deltek.
Participate in the risk management process and communicate key 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.
Required Skills:
Proven experience in cost management, project controls, or relate field.
Strong analytical and problem-solving skills.
Excellent communication and interpersonal abilities.
Proficiency in SAP and project cost control software.
Knowledge of project scheduling software like Deltek.
Ability to work collaboratively with cross-functional teams.
Attention to detail and accuracy in reporting.
Understanding of project management best practices.
Certification in project management or cost management is a plus.
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