Cost Engineer

Role Purpose 

The Cost Engineer is responsible for providing cost management support to the Project/Company and will monitor, control, and forecast the costs during the Project lifecycle.  The Cost Engineer would develop the role further in acting as the crucial link between projects and the Company’s finance and treasury departments by timely and accurate project financial planning, forecasting, budgeting and modelling. 

Key Areas of Responsibility 

• Ensure timely and accurate reporting to all stakeholders, including AC, ETC, EAC, variance analysis, risk analysis, threats and opportunities, forecast by general ledger, accruals, and cash flow forecast. 

• Ensure the timely flow of information for reporting purposes, including data collection (POs, purchase invoices, timesheets, schedule of works, day rates, DPRs, contracts, subcontracts, etc.) and liaising with project departments. 

• Assist with the delivery weekly and monthly updates to key stakeholders as required, including minutes and action items. 

• Weekly and monthly cost reports (cashflow, actual costs to date, forecasting). 

• Liaise internally with project managers, department heads and budget holders. 

• Data manipulation analysis. 

• Ensure data is correct and accurately input into the CMS for projects; review labour summaries, review project POs, supplier invoices, project schedule, day rate build up etc. 

• Participate in monthly project cost review meetings. 

• Assist with the development, management and maintenance of an appropriate cost model system to ensure timely, well-adapted, and accurate reporting. 

• Assist with the implementation of a business intelligence tool and dashboard reports. 

• Assist with ensuring approved procedures are in place, adhered to, appropriate and are maintained. 

• Complete and communicate tender feedback forms to the commercial department promptly. 

• Manage cash flow, reporting, and liaising with treasury on cash flow forecasting. 

• Collaborate directly with the finance department in ensuring the efficient flow of critical data to ensure the accurate and timely company month-end reporting and forecasting. 

• Ensure relevant reporting of data related to VOs. 

• Monitor KPIs and identify the cause of any unexpected variances. 

• Develop and continually improve project budgeting, financial projections and operating forecasts. 

• Ad-hoc business performance reporting. 

• Develop financial models and analyse them to support strategic initiatives. 

Key Tasks

• Set-up Cost Management System in line with estimate. 

• Prepare monthly cashflow and reforecasts. 

• Prepare monthly project cost reports and review with Project Managers. 

• Present project costs to Directors. 

• Liaise internally with Project Managers, Project Team, Contractors, and department heads to attain accurate project forecast. 

• Data manipulation analysis/cost reconciliation. 

• Review project Purchase Orders and Invoices. 

• Challenge project costs vs budget. 

• Update project cost report in line with DPR’s. 

Key Measurables 

• Timely and accurate completion of weekly and monthly cost reports. 

• Timely and accurate flow of information. 

• Adequately resourced function. 

• Management of the Cost Management System. 

Key Behaviours 

• Strong working knowledge of MS Office systems. 

• Good communication skills.  

• Good organisation skills. 

• Strong commercial awareness. 

• Enthusiastic and self-motivated. 

• High attention to detail. 

Demonstrable Experience Specific to Role

• Breadth of experience across project lifecycle. 

• High level of numeracy and excellent analytical skills. 

• Ability to reconcile cost information as it applies to the project. 

• Relevant experience in Project Controls.