Cost Engineer

Description

General Summary
The Cost Engineer is responsible for developing, monitoring, analyzing, and forecasting project costs throughout the lifecycle of infrastructure, aviation, transportation, facilities, and capital improvement projects. This role provides leadership in cost estimating, budgeting, forecasting, cost control, change management, risk analysis, and project performance measurement to support successful project delivery.

The Cost Engineer works closely with project managers, construction managers, contract managers, designers, contractors, consultants, and client stakeholders to ensure projects are properly budgeted, financially managed, and aligned with established cost objectives. The position plays a critical role in maintaining project financial health, identifying cost risks, evaluating trends, and supporting informed decision-making throughout project execution.

All duties shall be carried out in compliance with client policies and procedures, applicable regulations, and company standards.

Key Responsibilities
Cost Estimating & Budget Development

Develop conceptual, preliminary, design-phase, and construction cost estimates for infrastructure and capital projects.

Prepare quantity takeoffs, estimate analyses, and cost evaluations using industry-standard estimating practices.

Support development of project budgets, funding requirements, and capital improvement plans.

Review estimates prepared by consultants, designers, contractors, and third-party estimators.

Evaluate estimate assumptions, contingencies, escalation factors, and risk allowances.

Develop independent cost estimates to support procurement and contract negotiations.

Cost Planning & Forecasting

Establish project cost baselines and budget structures.

Develop cost management plans and forecasting methodologies.

Monitor project expenditures against approved budgets and funding allocations.

Prepare monthly cost forecasts and estimate-at-completion projections.

Identify potential budget variances and recommend corrective actions.

Support long-range financial planning and funding strategies.

Cost Control

Track project commitments, expenditures, accruals, and obligations.

Analyze cost performance and identify emerging financial risks and opportunities.

Monitor budget utilization and project cash flow.

Develop and maintain cost tracking systems and reporting tools.

Evaluate contractor cost proposals and financial impacts associated with project decisions.

Support implementation of corrective measures to maintain budget compliance.

Project Controls Integration

Coordinate cost management activities with project schedules, risk management, and performance reporting processes.

Support development and maintenance of Work Breakdown Structures (WBS), cost codes, and control accounts.

Perform cost and schedule integration analyses.

Monitor project performance metrics and key performance indicators.

Support earned value management and trend analysis where applicable.

Participate in project controls reviews and reporting activities.

Change Management

Analyze cost impacts associated with scope changes, design revisions, and unforeseen conditions.

Review and evaluate change orders, contract modifications, and potential project impacts.

Develop independent cost assessments for proposed changes.

Collaborate with project and contract management teams to support change negotiations.

Monitor cumulative change impacts and cost exposure throughout the project lifecycle.

Maintain change logs and associated financial documentation.

Risk Analysis & Contingency Management

Support development and maintenance of project risk registers.

Evaluate potential financial impacts associated with project risks and uncertainties.

Develop contingency recommendations based on project complexity and risk exposure.

Conduct quantitative and qualitative cost risk analyses.

Monitor risk trends and recommend mitigation strategies.

Provide financial analysis to support project decision-making and risk management efforts.

Procurement & Contract Support

Support procurement planning and cost evaluations during solicitation and contractor selection processes.

Review bids, proposals, and pricing submissions for competitiveness and reasonableness.

Assist with cost analyses associated with procurement decisions.

Support contract negotiations through preparation of independent estimates and cost evaluations.

Coordinate with contract management teams regarding commercial and financial matters.

Analyze contractor payment applications and earned progress against contract values.

Reporting & Performance Analysis

Prepare monthly cost reports, forecasts, dashboards, and executive summaries.

Develop presentations and financial analyses for project leadership and clients.

Monitor cost trends and identify performance issues requiring management attention.

Communicate budget status, financial risks, and forecast changes to stakeholders.

Support audits, project reviews, and compliance assessments.

Maintain project cost records and supporting documentation.

Stakeholder Coordination

Collaborate with project managers, construction managers, contract managers, finance teams, designers, and contractors.

Participate in project meetings and provide cost-related guidance and recommendations.

Support client reporting requirements and financial reviews.

Facilitate communication regarding cost performance, funding needs, and financial risks.

Assist project teams in evaluating alternatives and value engineering opportunities.

Leadership & Continuous Improvement

Promote best practices in estimating, cost control, forecasting, and project controls.

Support development of standard estimating procedures, templates, and cost databases.

Mentor junior project controls and cost engineering personnel.

Contribute to organizational initiatives focused on efficiency, accuracy, and continuous improvement.

Foster a culture of accountability, financial discipline, and data-driven decision making.

Qualifications

Strong knowledge of cost estimating, budgeting, forecasting, and cost control principles.

Comprehensive understanding of project controls methodologies and industry best practices.

Experience with infrastructure, aviation, transportation, utility, facility, or public-sector capital projects.

Knowledge of construction methods, procurement processes, contract administration, and project delivery methods, including Design-Bid-Build, Design-Build, CMAR, and GC/CM.

Understanding of risk management, change management, and performance measurement techniques.

Strong analytical, mathematical, problem-solving, and communication skills.

Ability to interpret construction drawings, specifications, schedules, and contractual documents.

Proficiency with project controls and estimating software, including Primavera P6, Microsoft Project, Excel, Power BI, Deltek, EcoSys, Timberline, CostX, or similar tools.

This position offers the opportunity to work on impactful projects that contribute to the development and improvement of critical infrastructure. Candidates with a passion for excellence and a track record of success in cost engineering are encouraged to apply.

Requirements

Experience Requirements

Minimum 5 years of progressively responsible experience in cost engineering, estimating, project controls, construction management, or related disciplines.

Demonstrated success supporting large-scale transportation, aviation, utility, facility, or infrastructure programs.

Experience developing cost estimates at multiple design stages and throughout project execution.

Experience with forecasting, earned value management, cost reporting, and financial performance analysis preferred.

Experience supporting public-sector capital programs and alternative delivery methods preferred.

Education Requirements

Bachelor's degree in Construction Management, Engineering, Quantity Surveying, Finance, Economics, Project Management, or a related field.

Master's degree in a related discipline is preferred.

Professional certifications such as CCP (Certified Cost Professional), PSP (Planning & Scheduling Professional), PMP, CEP, CCM, PE, or equivalent are preferred.

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