Cost Control Engineer

-; Al Bihouth; On-site; AED 80,000 - 120,000; Full time

Job summary

A leading company is seeking a Cost Control Specialist to establish and manage a cost control system, ensuring project completion within budget. Responsibilities include monitoring costs, analyzing deviations, and supporting project closure activities.

Responsibilities

• Establish and manage a cost control system for project completion.
• Monitor activity progress and analyze committed costs.
• Assist in preparing the Project Close-Out Report.

Job description

Mission

• Establish and manage a cost control system to support the PM decision-making process and enable project completion within the approved budget.
• Ensure any deviations from the budget are promptly identified, analyzed, and the impact estimated, with corrective actions monitored for effectiveness.
• Create a cost awareness culture among the project team.
• Meet Operating Company and Corporate requirements for cost control reporting by collaborating with relevant interfaces.

Tasks

At project initial phase:

1. After contract award, implement the Cost Control System by developing the consolidated Cost Breakdown Structure (CBS) according to relevant procedures, reviewing procurement/accounting systems across involved Operating Companies/Branches, and verifying CBS application and cost traceability.
2. Issue the Project Cost Control Procedure, Cost Coding Manual, and Risk Management Plan for Project Control Manager review, aligning with standards and contract specifications, and configure the CBS for monitoring procurement and accounting activities.
3. If not provided during the commercial phase, split the Commercial Budget based on intercompany schemes, contracts, and work schedules to report revenues and costs by entity, currencies, and main cost accounts, and prepare cash-flow forecasts by currency.
4. Coordinate the startup of risk management activities, organizing initial brainstorming sessions and conducting qualitative and quantitative risk assessments.
5. Perform Monte Carlo Analysis.

During project execution:

1. Ensure the Cost Control System functions effectively, with accurate assessment and reporting of cost status.
2. Monitor activity progress, earned value, and work completed against invoices, determining monthly accruals aligned with work progress.
3. Support the contract change and claims process by providing cost impact analysis and updating cost/revenue forecasts related to intercompany services.
4. Analyze committed costs and activities to date, review estimates to complete, identify deviations or adverse trends, and advise the PM on corrective actions to prevent overruns.
5. Maintain the risk management process through organizing periodic meetings and verifying feedback from risk owners.
6. Generate project and company reports.

At project closure:

1. Assist the Project Control Manager in preparing the Project Close-Out Report and providing cost feedback data to the Project Control and Commercial Departments.