Cost Analyst

Cost Analyst

Job Role

A Cost Analyst is responsible for evaluating project and operational costs, identifying cost-saving opportunities, monitoring budget performance, and supporting management with accurate financial insights for decision-making. The role involves working closely with engineering, procurement, and project teams to ensure cost efficiency and financial control.

Key Responsibilities

1. Cost Estimation & Analysis

• Prepare detailed cost estimates for projects, materials, labor, equipment, and overheads.
• Analyze project budgets, forecasts, and actual expenditures to identify variances.
• Conduct cost–benefit analysis, feasibility studies, and profitability assessments.
• Develop cost models, rate analysis, and unit cost calculations.

2. Budgeting & Monitoring

• Assist in developing project budgets and financial plans.
• Track and monitor project cost performance against approved budgets.
• Identify cost overruns, deviations, and propose corrective actions.

3. Financial Reporting

• Prepare periodic cost reports, MIS reports, dashboards, and variance summaries.
• Present cost insights to management for informed decision-making.
• Maintain updated records of cost data, benchmarks, and financial documentation.

4. Procurement & Vendor Coordination

• Coordinate with the procurement team for material price comparison and vendor costing.
• Evaluate quotations, negotiate pricing support, and ensure cost accuracy.
• Review supplier invoices, work orders, and certification for cost justification.

5. Process Improvement & Cost Control

• Identify potential areas for cost reduction and productivity improvement.
• Support implementation of cost-control procedures and tracking mechanisms.
• Contribute to internal audits, compliance reviews, and financial standardization.

6. Cross-Department Collaboration

• Work with engineering teams for BOQ verification, material optimization, and rate calculations.
• Collaborate with project teams for progress monitoring and cost updates.
• Coordinate with finance for billing, budgeting, and financial reconciliation.

Required Qualifications

• Bachelor’s degree in engineering (Civil / Mechanical / Industrial) or Finance / Accounting.
• Preferred: MBA in Finance, certification in Cost Accounting, or related specialization.

Skills Required

• Strong knowledge of cost estimation, budgeting, and financial analysis.
• Proficiency in MS Excel, Power BI, ERP systems (SAP / Oracle / Tally preferred).
• Good understanding of project costing, BOQ, rate analysis, and MIS reporting.
• Analytical thinking, attention to detail, and problem-solving skills.
• Good communication and coordination skills.

Experience Requirement

• 2–3 years of experience in cost analysis, cost control, project costing, or financial planning.
• Experience in construction, manufacturing, steel structures, or engineering projects is an added advantage.

Job Types: Full-time, Permanent

Pay: ₹20,000.00 - ₹25,000.00 per month

Benefits:

• Health insurance
• Provident Fund

Work Location: In person