Cost Controls Specialist

Job Overview

The Cost Controls Specialist applies their conceptual knowledge of cost management and with limited supervision and guidance, is responsible for cost analysis, development of possible solutions using standard procedures, and critical thinking. The Cost Controls Specialist understands company processes and key business drivers to problem solve using technical experience, judgment, and industry best practices.

Key Tasks and Responsibilities

• Assist in the development and implementation of the project controls execution plan
• Assist in project controls system setup and project initiation requirements
• Participate in the implementation of the project OBS, WBS, and CBS in required financial and progress systems
• Understand and follow McDermott's Cost and Progress procedures
• Demonstrate understanding of Earned Value Management principles
• Basic knowledge of EPC contracting types (LS, Cost Plus, Reimbursable, Unit Rate, etc.)
• Awareness of contract and construction terminology
• Assist in Estimate Conforming
• Understand the project chart of accounts and its relationship to the estimate and contract scope
• Assist in the development and preparation of the forecast system and cost reports
• Assist with invoicing and support project accounting with cost to billings reconciliations as required
• Understand project trends and their relationship to the forecast (ie PFs, trends, commitments, labor mix, etc.)
• Assist change management efforts, including building of cost estimates in support of change verification
• Assist in the setup and maintenance of the progress measurement system
• Quantity surveying personnel will be required to assist in the effort to audit Issued For Construction (IFC) quantity take-offs and reported installed quantities Any discrepancy in the reported quantities would need to be resolved
• Ensure IFC quantity take-offs are tied to turnover systems
• Assist with the implementation of the global rules of credit and maintenance of the progress measurement system on the project
• Ability to generate spreadsheet analysis tools for management review of progress
• Reporting – Provide Timely and accurate Cost and Progress Measurement Data
• Basic understanding of Scheduling Software and processes and their relationship to cost and progress
• Participate in Closeout Report data collection
• Support the professional development and growth of junior project controls personnel

Essential Qualifications and Education

• Bachelor’s degree in Business, Finance, Engineering, Construction Management, or related fields or
• 2 - 5 years of relevant experience working for an EPC
• Must know about earned value systems
• Problem-solving Attitude and high level of coordination skills
• Demonstrated effectiveness in prioritizing multiple tasks and managing efforts to meet deadlines
• Demonstrated effectiveness in working with others in a multifunctional team
• Accepts change and works well under pressure
• Understanding of JDE Edwards is not required but would be a plus
• Knowledge of common business tools such as Microsoft Office applications

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