Cost Control Engineer

Role Overview

The Cost Control Engineer plays a vital role in maintaining robust cost management frameworks for projects, ensuring they remain in line with authorized budgets and financial goals. This position involves rigorous oversight of tracking, projecting, and reporting costs, ensuring data accuracy and transparency while integrating with scheduling and procurement systems. Collaboration with project management, finance, and procurement units is essential to facilitate informed decisions, cost efficiency, and adherence to control standards.

Key Duties

• Monitor and track project expenses, commitments, and accruals alongside planning, procurement, commercial, and finance departments.
• Generate periodic reports detailing actual versus budgeted costs, emphasizing significant variances.
• Conduct analyses of cost discrepancies and advise project leaders on corrective strategies.
• Align cost reporting with project timelines and earned value metrics.
• Contribute to budget formulation and establish cost baselines complying with PMO guidelines.
• Revise forecasts reflecting project progress, scope alterations, and market conditions.
• Assist in cash flow forecasting and broader financial planning.
• Support management efforts in estimate-at-completion evaluations.
• Examine purchase orders, subcontract agreements, and change orders to assess financial impacts.
• Ensure proper coding and cost allocation across centers and work breakdown structures.
• Verify contractor billing statements for accuracy.
• Maintain traceability of cost transactions within ERP platforms.
• Partner with multidisciplinary teams to assure cost data integrity.
• Deliver analytical insights and performance updates to management.
• Assist in project close-out processes, including reconciliations and lessons learned.
• Integrate cost information with planning, finance, and risk management functions.
• Manage and improve cost databases, reporting dashboards, and digital tools.
• Participate in refining cost control policies, coding standards, templates, and workflows.
• Encourage ongoing enhancements in cost management through automation and digital solutions.

Required Knowledge and Experience

• At least 2 to 4 years in cost control or project controls within the construction or oil and gas sectors.
• Comprehensive knowledge of cost accounting, budgeting, and forecasting methodologies.
• Experience with ERP systems such as SAP, Oracle, or equivalents, alongside advanced Excel capabilities.
• Familiarity with project control standards and earned value management (EVM) techniques.

Educational and Certification Requirements

• Bachelor's degree in engineering is mandatory.
• Preferred certifications include cost engineering credentials like CCP, AACE, or PMP.

Technical Skills and Personal Attributes

• Proficiency in cost monitoring and reporting tools.
• Expertise in budgeting and variance investigations.
• Advanced software skills in ERP and cost management applications.
• Strong analytical capabilities with keen attention to detail and problem-solving aptitude.
• Effective communication and coordination skills across cross-functional teams.
• Ability to integrate cost performance data with scheduling and risk assessments.

Additional Notes

Having prior experience with CCS and Oracle systems is considered advantageous.