Cost Management Specialist

Midland, Michigan
Cost Management Specialist
Midland, MI
Cost Management Specialist Contract Position: Effective monitoring and reporting of project costs and project management consultation are critical for project success. The Project Controls Cost Management Specialist provides a baseline cost and forecast to ensure that the project team and business leadership understand the project progress as well as any issues or concerns during execution. Assists the project managers and project engineers to ensure utilization of cost management best practices to achieve project objectives. This position works with the project leadership team to ensure accurate and timely cost controls are implemented and maintained during the project lifecycle.

Primary Responsibilities/Accountabilities
  • Derive the cost baseline based upon project plans, baseline estimate and baseline schedule.
  • Work closely with project estimator to ensure that project estimation is done in a conceivable manner for cost control and cost breakdown is uploaded into SAP breakdown structure.
  • Provide project team with up-to-date commitment, spending, deviation and forecast information needed to appropriately manage project budget and costs.
  • Analyze project commitments and spending to ensure that each item is within project scope and aligns with the project estimate.
  • Communicate with project team members to determine current status of assigned projects.
  • Investigate and resolve discrepancies between expected and actual planned spending and commitments.
  • Use project knowledge from various sources, including SAP and the chosen cost control software, project schedule, project team and contractors, to develop a forecast that is accurately cash-flowed across time.
  • Investigate and resolve discrepancies between expected and actual planned spending and commitments.
  • Ensure cost deviations and project change orders are accurately recorded and reflected in the project data and forecast.
  • Monitor all charges for accuracy, timeliness, reporting, correction, reconciliation, and distributions and pursue corrections/transfers when appropriate.
  • Use project knowledge from various sources, including SAP, project schedule, project team and contractors, to develop a forecast that is accurately cash-flowed across time. Issue monthly projects ITC (Indicated Total Cost)
  • Coordinate with Project Manager and cost accountants to book project accruals when needed.
  • Ensure Project Controls Reports (facesheet) are issued to the project team in accordance with documented Project Controls Plans (frequency, format, etc.).
  • Provide final cost data to project team at project closure and aid in the final project lookback and lessons learned reporting.
  • Assist on Project Closures and resolving SAP issues.
  • Validation of project schedules using commercial software like Deltek.
  • Participate in the risk management process and communicate QPA dates to the Risk Lead.
  • Tracking of project changes to Budgets, Forecasts, Commitments and Available Costs by way of trends, scope changes, budget transfers and other such baseline deviations.
Key Interactions With Other Roles
  • Cost Estimating – understand the basis and details of the estimate, using that as the initial baseline.
  • Schedule Progress – understand the basis and details of the schedule, using that as the initial baseline.
  • Construction Manager – understand the construction strategy and how that will impact construction costs.
  • Project Engineer – understand the EPCM strategy and obtain day to day updates on changes or variances in scope, schedule, or cost.
  • Project Manager – obtain day to day updates on changes or variances in scope, schedule, or cost and reflect this in the monthly reports.
  • EPCM Contractor(s) – obtain cashflow and invoicing reports.
  • External Organizations and Associations – understand industry best practices and trends.
Functional Alignment      
  • This role reports to the Global Project Cost Competency Leader. For the capital projects that the role is supporting, a strong alignment is expected with the Project Managers.
  • BS in Engineering or other field
  • 10+ years of capital project experience
  • 5-10 years’ experience in cost management on capital projects.
Proficiency in the following is required:
  • Industry standard best practice project cost management processes and their application.
  • Use of industry accepted applications for cost, along with the standard Microsoft applications - Excel, Word, and PowerPoint.
  • Broad understanding of EPC disciplines and activities that are necessary to design, construct and start-up chemical processes.
  • Ability to interface and communicate clearly with project teams.
  • SAP
  • Understanding of standard Risk Management practices and their impact to their discipline
  • Deltek Acumen Fuse
Soft Skills Required   
  • Self-motivation and ability to work with minimum direct supervision.
  • Time management skills including the ability to manage a substantial workload.
  • Experience in working in a multi-function team environment.
  • Demonstrated ability to learn quickly and desire to expand knowledge and grow professionally.
  • Ability to plan, prioritize and execute multiple concurrent activities and deliver on commitments under tight time constraints.
  • Ability to work in a team environment to deliver per project objectives.
  • Strong ability in listening and communication, including remote connections and conference or video calls.
  • Comfortable working with colleagues with a variety of backgrounds.
  • Focused on delivering effective and tangible results.
  • Interpersonal skills, confidence, and ability to form good working relationships and negotiate effectively with internal and external contacts.
Job Type: Contract (40 hours per week)
Schedule: Monday – Friday, 9-5
Work Setting/Location: Onsite



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