Cost Control Officer

Cost Control Officer

Job Summary

Job Responsibilities 1

• Monitor project budgets and expenditures to ensure adherence to financial plans and identify any variances or discrepancies.
• Track and analyze project expenses, including labor costs, material purchases, subcontractor fees, and overhead expenses, to maintain accurate financial records.
• Conduct cost analysis and cost-benefit evaluations to identify cost-saving opportunities, optimize resource allocation, and improve project profitability.
• Prepare financial forecasts and projections based on project timelines, resource requirements, and market trends to support long-term planning and decision-making.
• Perform variance analysis to compare actual costs against budgeted costs, investigating any deviations and implementing corrective actions as needed to mitigate financial risks.
• Generate regular reports and financial statements summarizing project costs, expenses, and budget performance for management review and decision-making purposes.
• Develop and implement cost control procedures, policies, and best practices to enhance efficiency, streamline processes, and minimize wastage.
• Assist in contract negotiations, review contract terms and conditions, and ensure compliance with contractual agreements to mitigate financial risks and optimize cost-effectiveness.
• Collaborate with vendors, suppliers, and subcontractors to negotiate pricing, terms, and payment schedules, ensuring cost competitiveness and adherence to budgetary constraints.
• Provide financial advice and recommendations to project managers and stakeholders on cost-related matters, including budget planning, forecasting, and risk assessment, to support informed decision-making and project success.
• Support the implementation of HSE initiatives, participate in safety awareness activities, and contribute to incident reporting and resolution in alignment with company and IMS policies

Job Knowledge & Skills

• Knowledge of cost control packages such as CCS (Candy) will be a distinct advantage
• Knowledge in project cost planning, scheduling and reporting
• Knowledge of the Operating Procedures for Project Controls and Cost Management functions
• Proficient with computer programs and a working knowledge of new technology
• ERP knowledge preferably SAP functional skills are a requirement to be successful in this role.

Job Experience