Cost Control Engineer

Job Description

Job Description

POSITION SUMMARY

The Cost Control Engineer provides cost control and financial support, including internal and external reporting, month-end closing duties. This position involves assisting in the development of cost estimates, tracking project expenditures, analyzing financial performance, and supporting the Cost Control Manager in ensuring that the project remains within budget and meets its financial objectives. The Cost Control Engineer will work closely with project teams, to provide detailed cost analysis and reporting.

ESSENTIAL DUTIES AND RESPONSIBILITIES

• Provides support to develop and maintain budgets, forecasts, and overall cost control for the project. Includes cost coding, invoices review, cost-to-date analysis, cost projection analysis, expenses review, cost and time allocation, etc., collecting actual installation, monitoring progress per cost account, etc.
• Support supervision (or construction management through preparation and maintenance of budgets, forecasts, cost allocation, etc.). Includes identifying potential cost overruns and re-forecasting over-expended accounts, etc.
• Supervise and support the updating of project forecasts to reflect the most accurate/current cost and estimate information.
• Interface with other project/organization departments to provide cost-related data for items such as budget, forecast, invoices, payments, subcontract change orders , quantities, bid comparisons, new work item estimates, and general expenditure control. 
• Prepare and analyze information for monthly cost control meetings and other cost, budget, forecast related meetings.
• Ensure accurate and timely updating of financial records and cost data in the project management system.
• Evaluate and document the cost implications of change orders and ensure proper approval and recording.
• Support the review of contracts to ensure cost control measures are effectively implemented.
• Ensure proper documentation and filing of all cost-related records, including invoices, change orders, and financial reports.
• Assist in identifying potential financial risks and providing recommendations for mitigating cost overruns.
• Track and report on the effectiveness of risk mitigation measures and their impact on the project budget.
• Perform additional cost-related analysis as per specific project requirements.
• Perform additional assignments per the supervisor's direction.

REPORTING

 

Cost Control Manager

EDUCATION, SKILLS & QUALIFICATIONS

 

• Bachelor degree in Construction Management, Engineering, Finance, Accounting, or a related field.
• 3-5 years of experience in cost/estimating, financial management, or a related role within the construction industry.
• Experience with cost management software and tools is preferred.
• Ability to select/apply resource monitoring and control techniques i.e., cost accounting, budget analysis, etc., as well as an understanding of the nature of process systems, structures, and construction technology required.
• Strong ability to analyze cost data and provide accurate financial insights.

 

PHYSICAL DEMANDS  

• Must be able to remain in a stationary position for long periods.
• Requires driving occasionally for up to 2-5 hours.
• Minimum physical exertion such as walking, lifting, standing for long periods, bending, or reaching may be required.
• Requires visual ability to perform tasks: preparing and analyzing data, plans, drawings, outlines, viewing a computer, and extensive reading.
• Requires the ability to physically operate standard office equipment i.e., laptop, phone, keyboard, mouse, etc.