About this role
Role Purpose
The Cost Control Engineer is pivotal in managing and overseeing the financial aspects of our construction projects, ensuring that all expenditures align with our corporate standards and project budgets. By collaborating closely with project managers, engineers, and the procurement team, this position helps maintain financial control across multiple projects, guaranteeing that each project is delivered within the agreed financial scope. The engineer will play a key role in optimizing project costs through strategic planning, rigorous analysis, and effective communication, thereby supporting Innovo commitment to delivering value and excellence in all our construction endeavours.
Key Accountabilities
Budget Planning and Development
- Budget Preparation: Develop and prepare comprehensive project budgets that reflect the scope and resources required.
- Baseline Budget Development: Establish project baseline budgets in accordance with the company’s norms and standard cost manuals.
- Budget Revisions: Adjust project budgets in response to scope changes or additional requirements.
Cost Monitoring and Reporting
- Cost Reporting: Generate detailed cost reports and company portfolio cost presentations to provide clear visibility on financial status.
- Cost Tracking: Liaise with relevant departments to track actual costs allocated to project cost centres.
- Monthly Reporting: Prepare and distribute monthly Project Cost Control Reports to stakeholders after reviews with key management personnel.
- Project Close-Out Reporting: Compile and review project close-out cost reports with the Contracts and Commercial Manager (CCM) for issuance to project management and tender departments.
Performance Review and Cost Analysis
- Performance Analysis: Analyse project performance regularly and update the database to reflect current insights and forecasts.
- Estimation Review and Correction: Collaborate with the Projects Control Manager (PCM) and Project Control Department (PCD) to review project estimation files, identify and escalate potential irregularities, and make necessary adjustments.
- Cost Deviation Analysis: Identify cost deviations, overruns, and irregularities, escalating these issues as necessary to ensure swift resolution.
HSE and Quality Accountabilities:
- Comply with company HSE and Sustainability policies and contribute to maintaining a safe, healthy, and sustainable workplace.
- Adhere to Quality standards and support continuous improvement initiatives to enhance business performance.
Innovation & Value Creation:
Drive innovation and encourage continuous improvement and cost-effective solutions without compromising quality.
Qualifications, Experience, Knowledge & Skills
- Educational Background: Bachelor’s degree in civil engineering, Construction Management, Finance, or a related field Mechanical, Civil, Electrical, Infrastructure is essential. Advanced degrees or professional certifications such as a master’s in business administration (MBA) or Construction Management are highly valued.
- Professional Certifications: Certification in Cost Professional (CCP) is preferred. Additional certifications like Project Management Professional (PMP) or Certified Cost Engineer (CCE) can also enhance a candidate’s qualifications.
- Experience:
- Relevant Experience: Minimum of 5 years of experience in cost control within the construction industry, with a solid track record in managing budgets and costs for large-scale projects.
- Project Experience: Proven ability to handle complex projects from the financial perspective, including planning, estimating, budgeting, and financial reporting.
- Leadership Experience: While direct report management is not required, experience in leading cross-functional teams and influencing project outcomes through effective cost management strategies is crucial.