Job Description

Job title: Cost Project Control Specialist II

I. Job Summary

The Cost Project Control Specialist II supports the project execution team by assisting in the development, monitoring, and control of project budgets and costs. This entry-level role focuses on cost management processes, including transforming estimates into budgets, managing commitments, handling change management, and supporting forecasting and Estimate at Completion (EAC) management. The ideal candidate is detail-oriented, analytical, and eager to learn the fundamentals of cost control in a dynamic project environment.

II. Essential Duties and Responsibilities

Budget Development and Management :

• Assist in recasting project estimates into structured, manageable budgets by allocating costs to work packages, phases, or cost accounts.
• Ensure budgets align with project scope, schedule, and resource requirements.
• Maintain budget documentation and ensure accuracy in cost tracking systems.
• Commitment Execution and Management :
• Support the execution of commitments against approved budgets, including purchase orders, contracts, and subcontractor agreements.
• Track commitments to ensure they align with budget limits and project objectives.
• Monitor expenditure against commitments and report discrepancies or potential overruns.
• Change Management :
• Assist in identifying and documenting scope changes, variations, or other factors impacting project costs.
• Support the evaluation of cost impacts due to change orders, ensuring proper documentation and approval processes are followed.
• Update budgets and forecasts to reflect approved changes.
• Forecasting and Estimate at Completion (EAC) Management :
• Contribute to developing cost forecasts by analyzing historical data, current expenditures, and project progress.
• Assist in calculating EAC by incorporating actual costs, committed costs, and estimated future costs.
• Provide input for cost variance reports and recommend corrective actions to maintain budget adherence.
• Reporting and Analysis :
• Prepare cost reports, dashboards, and summaries for project stakeholders under the guidance of senior specialists.
• Analyze cost trends and highlight potential risks or opportunities for cost optimization.
• Collaboration and Support :
• Work closely with project managers, engineers, and procurement teams to ensure accurate cost data and alignment with project goals.
• Support audits and compliance checks related to cost management processes.

III. Supervisory Responsibilities

This role does not currently include any direct supervisory responsibilities but could potentially involve taking lead of projects or initiatives within the group.

IV. Qualifications

The requirements listed below are representative of the qualifications necessary to perform the job.

A. Education and Experience

• Bachelors degree in finance, accounting, business administration, engineering, or a related field.
• 2-5 years of experience in cost control, project management, or a related role.
• Basic understanding of project management principles and cost management processes.
• Proficiency in Microsoft Excel; familiarity with cost management software (e.g., Primavera, Procore, or similar) is a plus.
• Strong analytical and problem-solving skills with a keen attention to detail.
• Ability to communicate effectively and work collaboratively in a team environment.
• Eagerness to learn and adapt in a fast-paced project setting.

B. Other Knowledge, Skills or Abilities Required

• Knowledge of cost estimating, budgeting, and forecasting techniques.
• Basic understanding of change management and its impact on project costs.
• Familiarity with Earned Value Management (EVM) concepts is an advantage.

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