Cost Control

 Job Summary
Understands the projects chart of accounts and its mapping on to the company’s cost heads and works closely with the Financial Controller, planning manager, procurement department and project management in developing cost reports comparing cost vs. revenue on cost head level.
Duties & Responsibilities
 

• Rectify and amend project estimation as necessary after consulting with relevant department.


• Establishes key performance indicators to monitor the financial health of project and compares against benchmarks. Prepare and analyze Earned Value Management of Project.


• Lead and participate in preparing the project Baseline Budget in conformity with company’s norms


• and standards and liaise with all stake holders to obtain their approval.


• Fully understands Construction Contracts, Budget, Cost Expense Heads, Work Breakdown Structure (WBS) and Organization Breakdown Structure (OBS).


• Liaise with accounting department to obtain actual cost allocated to the project’s cost center; using the company’s cost control system ERP (ORACLE Cost). Prepare Monthly Project Cost Control Report, as per Company forms and work out optimum efficiency targets.


• Analyze and highlight any cost deviation/overrun/irregularity and escalate to PMO.


• Carries out cost analysis for its control and as an aid to day to day decision making.


• Review project’s budget in case of any additional scope and amend as necessary.


• Monitors usage of Direct Materials, Direct Consumable and sets standards for material wastages.


• Monitors deployment of Direct and indirect manpower, Equipment and Plants against budget.


• Monitors sub-contracts awarded against budget provisions.


• Monitors Revenue/Cost and Cash Flow Forecasts.


• Audit Systems & procedures responsible for Cost calculation and control as per agreed schedule.


• Prepare project close-out cost report and issue to PM and tender department for reference and future consideration.