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Junior Project Cost Analyst

2 months ago

Valparaiso, Indiana, United States NiSource Full time
Job Title: Junior Project Cost Analyst

Job Code: MS6084

Job Summary

The Junior Project Cost Analyst will gain expertise in financial management processes, methodologies, and systems for significant projects. This role involves executing essential cost accounting and monitoring functions, as well as evaluating cost variances across various projects throughout their life cycles.

Utilize the outcomes of financial planning to create and maintain comprehensive project cost management databases, facilitating both detailed and summary reporting of project expenditures. Oversee the processing of execution costs through project timesheets and maintain the cost database. Ensure accurate invoice processing for payments, validating submitted invoices against contractual obligations and commercial standards; secure approval from Project Managers for invoices and document for future variance analysis. Communicate effectively with relevant stakeholders regarding project cost management.

The Junior Project Cost Analyst will enhance their skills in project management systems while coordinating fundamental cost management activities. By utilizing a straightforward Work Breakdown Structure (WBS), a cost repository will be established to manage committed and budgeted project funds for performance tracking, assessment, and project closure.

Build expertise in cost engineering and project management by applying industry standards (AACE, PMI, Construction Management) and best practices to broaden knowledge and optimize application.

Engage with both internal and external stakeholders to ensure transparent and accountable cost management practices. Effectively relay cost management and performance information to the project management team and relevant stakeholders.

Demonstrate proficiency in cost accounting processes, database management, and integration with other project management systems, ensuring data quality and integrity.

Principal Duties and Responsibilities
  • Organize project work elements to reflect approved resource estimates and associated budgeted costs. Develop proficiency in Work Breakdown Structure management and its dictionary attributes.
  • Ensure the quality of cost data management in line with accepted accounting principles, including invoice processing and cost reporting quality.
  • Gain proficiency in project risk management to control legitimate costs and manage the risks associated with inaccurate cost reporting.
  • Assist in contract management, including payment processing and performance assessment.
  • Enhance skills in project cost management, including reviewing project controls guidelines and cost management standards.
  • Apply cost estimating techniques to validate contractor estimates and manage the Basis of Estimates.
  • Process labor timesheets and invoices related to contract labor, assisting in the accrual process.
  • Maintain detailed cost tracking spreadsheets and assist in performance measurement and cost trending.
  • Review cost variances and implement change control measures.
  • Prepare standard and special project cost reports as required.
  • Develop proficiency in schedule management processes and their impact on cost management.
  • Assist project management teams in retrieving cost management information.
  • Engage with stakeholders to address their cost reporting and analysis needs.
  • Adhere to industry standards and best practices in all responsibilities.
Required Qualifications for Position
  • Knowledge in project cost management and cost accounting.
  • Understanding of project cost guidelines and standards.
  • Proficiency in cost accounting software and spreadsheet development.
  • Effective communication and stakeholder management skills.
  • Ability to utilize Microsoft Excel proficiently.
  • High School diploma with two years of relevant experience.
Preferred Qualifications for Position
  • Experience in advanced spreadsheet development for budgeting and financial analysis.
  • Bachelor's Degree with relevant experience in large industrial projects.