Develop project cost control structures to track and control project costs. Establish the project control budget, tracking and controlling project accruals and commitments against set budget constraints. Provide accurate and timely reporting of all project costs. Track project contingency expenditure and reporting of its linkage to remaining risk on the project.
Provide assigned project cost budgets including material, manpower and equipment/material costs, subcontracts, third party services and financial cost etcetera.
Coordinate with the project engineers and scope owners to clarify any query/discrepancies.
Assist in the identification and mitigation of project risks.
Prepare cost reports on a periodic basis on the status of the costs incurred and the variations of the budgeted v/s actual in consultation with scope owners and all departments.
Monitor costs and generate variance reports as and when required and ensure that all scope owners are constantly informed of their budget status.
Workout forecast for various line items of the cost report in consultation with project team members, departments, and subcontractors.
Carry out assessment of potential variations/claims from sub-contractors/vendors.
Assist Project Engineers in preparing additional cost analysis as deemed necessary.
Develop Cost Estimates as and when required to support budget proposals as and when required.
Participate in project review meetings, if required and provide any cost related data as and when required.
Interface and provide clarification to the project engineers and Accounts and provide assistance wherever required.
Propose new suggestion if any and keep improving/updating the process of effective cost control.
Develop historical Cost database of all projects for future reference.