Cost Engineer

Career Area:

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Role definition

The Cost Engineer is responsible for developing, analyzing, and controlling project costs to ensure projects are completed within budget and meet financial objectives. They collaborate with cross-functional teams to identify and implement cost-saving opportunities throughout the project lifecycle.

Responsibilities

• Prepare detailed cost estimates for various projects by analyzing project specifications and requirements.
• Develop and maintain project budgets and financial forecasts.
• Monitor project expenditures, analyze cost variances, and report discrepancies to stakeholders.
• Identify potential cost risks and opportunities, and recommend mitigation strategies or cost-saving solutions.
• Collaborate with engineering teams, procurement, and other departments to gather cost data and ensure accurate cost estimation.
• Evaluate supplier and subcontractor bids and invoices to ensure competitive pricing and cost-effectiveness.
• Support procurement processes by providing cost analysis and guidance.
• Prepare and present comprehensive cost reports and forecasts to management and clients.
• Conduct feasibility studies and analyze potential risks and returns on investment for project options.
• Participate in the evaluation and adoption of new technologies or processes (e.g., automation, software) to improve efficiency and reduce costs.

Degree requirement

• A Bachelor's degree in an Mechanical Engineering, a related field.

Skill descriptors:

Information capture

• Level:Basic Understanding
• Identifies information capture needs in their own area and describes the benefits of documenting relevant information.
• Understands risks associated with failing to record information and explains organizational methods for documenting and storing data.

Standard operating procedures (SOP)

• Level:Basic Understanding
• Explains the use of standard operating procedures in business operations and identifies key features and functions.
• Describes issues and considerations when using standard operating procedures.

Analytical thinking

• Level: Expert Level
• Names specific tools and techniques that support analytical thinking processes (e.g., spreadsheets, databases).
• Describes how analytical thinking has been used to resolve problems and helps others learn about business analytics tools.

Effective communications

• Level:Expert Level
• Explains the importance of effective business communication and describes how non-verbal behavior can influence message interpretation.
• Speaks and writes clearly and concisely, using correct language, mechanics, and gestures.