Cost Engineer job description
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What does a Cost Engineer do?
The Cost Engineer is instrumental in managing and forecasting project expenses, ensuring that the projects remain within budgetary constraints. This role is key in optimizing resource allocation and supporting management in financial decision-making for project execution.
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What are the Key Responsibilities of Cost Engineer
- Prepare and review cost estimates for projects.
- Analyze project budgets and work to minimize costs while maintaining standards.
- Collaborate with project managers and engineers to align on budget expectations.
- Monitor project expenditures and identify potential cost overruns.
- Develop and implement cost control processes.
- Evaluate contractor and supplier proposals for cost-effectiveness.
- Update cost reports regularly, facilitating project accounting.
What are the Skills and Requirements for a Cost Engineer?
- Strong understanding of cost estimation and project management principles.
- Proficient in cost management software such as Primavera or SAP.
- Excellent analytical and numerical skills.
- Strong communication and organizational abilities.
- Attention to detail and accuracy in financial projections.
What are the KPIs to track for Cost Engineer?
The Cost Engineer's performance is measured by accurate cost estimating, maintaining project financial health under determined budgets, and effective collaboration in budget planning and control.
Cost Accuracy
Precision in initial and iterative cost estimations.
Budget Management
Achievement of projects within allocated budgets.
Financial Reporting
Timeliness and accuracy of project cost reports and forecasts.
Reports to
Project Manager
Collaborates with
Project Managers, Finance Team, Procurement Team
Leads
Cost Control Analysts
Are any specific tools or software required for the Cost Engineer role?
- Primavera
- SAP
- Microsoft Excel
- CostX
What is the qualification of Cost Engineer?
Bachelor's degree in Engineering, Finance, or a related field; 3-5 years of experience in cost estimation or cost engineering.
