Overview
The Cost Control Engineer is responsible for establishing and managing a comprehensive cost control system to support project management decision-making processes.
This role involves monitoring budget adherence, analyzing deviations, and ensuring effective cost management throughout the project lifecycle.
The Cost Control Engineer will also facilitate risk management activities and provide detailed cost impact analyses to support contract changes and claims.
Key Responsibilities
- Establish and manage a cost control system to assist the Project Manager (PM) in completing projects within the approved budget.
- Monitor budget deviations, analyze their impacts, and ensure corrective actions are effectively implemented and monitored.
- Foster a culture of cost awareness among project team members.
- Ensure compliance with Operating Company and Corporate requirements for cost control reporting, collaborating with relevant interfaces.
- Coordinate risk management activities, including initial brainstorming sessions and qualitative/quantitative assessments of identified risks and opportunities.
- Conduct Monte Carlo analysis during project execution to ensure the Cost Control System operates effectively, assessing and reporting cost status.
- Monitor activity progress and earned value, comparing it against invoices received, and determining monthly accruals to align accounts with work progress.
- Support the project team during contract changes and claims processes by providing comprehensive cost impact analyses and updating cost/revenue forecasts related to intercompany services.
- Analyze committed costs and activities to date, reviewing estimates to complete and isolating deviations from baselines or adverse trends, alerting the PM to enable timely corrective actions.
- Maintain the risk management process by organizing periodic meetings and verifying feedback from risk owners.
- Prepare and issue project and company cost reporting.
Education
- Bachelor's degree in Engineering, Finance, or related field
Certifications / Specialization / IT Skills
- Professional certifications in cost engineering (e.g., AACE, ICEC) are preferred
- Proficiency in cost management software and Microsoft Office Suite
Years Of Experience
- Minimum of 8 years of experience in cost control or project controls within the oil and gas industry or related fields
Technical Knowledge
- Strong understanding of cost control methodologies, tools, and processes
- Familiarity with risk management principles and techniques
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