Cost Control Engineer

Roles and responsibilities

• Establish a process for information flow regarding each expense head, including design heads, equipment/material procurement, logistics costs, mobilization and demobilization of personnel/machinery, subcontractor costs/claims, and other relevant costs such as customs, duties, liabilities, and insurance.
• Provide assigned project cost estimates, including material, manpower, equipment/material costs, subcontracts, third-party services, and financial costs, etc.
• Coordinate with project engineers to clarify any queries or discrepancies.
• Determine the "Estimate to Complete" (ETC) cost for the remaining works and coordinate with different disciplines to gather ETC data.
• Prepare periodic reports on the status of incurred costs and variations between budgeted vs. actual costs, in consultation with the supervisor/Project Manager.
• Monitor costs, generate variance reports as needed, and forward them to the Supervisor/Project Manager for review.
• Assess potential variations/claims from subcontractors and vendors.
• Participate in project review meetings, if required, and provide cost-related data as needed.
• Interface with project engineers and Accounts to provide clarifications and assistance as required.
• Propose new suggestions and continuously improve and update the processes for effective cost control.
• Develop a historical cost database for projects to aid future reference.
• Provide training and guidance to new or junior Cost Control personnel.
  

Essential Qualifications And Skills

• Bachelor's degree in engineering.
• Minimum of 15 years of professional experience, including:
  • At least 5 years in the cost control function of EPC medium projects.
  • Preferably the last 2 years in the cost control function within the Oil & Gas sector.

Desired candidate profile

• Cost Estimation and Budgeting:

  • Develop and manage cost estimates for projects from the initial planning phase through completion. This includes calculating material, labor, equipment, and overhead costs.
  • Collaborate with project managers and engineers to prepare detailed budgets for engineering projects, ensuring alignment with financial goals and project objectives.
  • Monitor and review project budgets throughout the life cycle of the project, adjusting forecasts as necessary to reflect changes in scope or unforeseen costs.

• Cost Control and Financial Monitoring:

  • Track and analyze actual costs against budgets, identifying discrepancies and proposing corrective actions to avoid budget overruns.
  • Use cost control software and financial systems to provide real-time monitoring and reporting of project costs and financial performance.
  • Conduct regular financial reviews and audits to ensure compliance with budget, financial policies, and procurement guidelines.

• Risk Management:

  • Identify potential financial risks and uncertainties that could impact the project budget and timeline, and develop strategies to mitigate those risks.
  • Assist in developing contingency plans to account for unforeseen expenses or changes in scope.

• Cost Reporting and Documentation:

  • Prepare detailed cost reports, financial analysis, and progress updates for senior management, stakeholders, and clients.
  • Ensure proper documentation of cost-related data, including invoices, procurement records, and change orders, to maintain transparency and accountability.

• Forecasting and Variance Analysis:

  • Produce cost forecasts based on project progress, identifying potential cost overruns or savings and providing early warning to stakeholders.
  • Perform variance analysis to compare actual costs against forecasts and identify areas for improvement or corrective actions.

• Collaboration and Stakeholder Communication:

  • Work closely with project managers, procurement teams, contractors, and other stakeholders to understand cost drivers, negotiate prices, and ensure alignment on cost expectations.
  • Provide cost-related advice and recommendations to senior leadership, helping them make informed decisions about resource allocation, scheduling, and risk management.

• Contract Management and Change Orders:

  • Oversee and manage cost implications related to contract management, including reviewing and analyzing contract terms, change orders, and claims.
  • Ensure that change orders are properly documented and that the associated costs are integrated into the overall project budget.