Project Cost Control at International Energy Services Limited (IESL)

Department: Project Management Consultancy Services
Reports to: Commercial Manager

Job Summary

The Project Cost Control Officer is responsible for managing and overseeing the financial aspects of a project to ensure it is completed within the approved budget. This role involves tracking project costs, preparing detailed cost reports, forecasting future expenses, identifying cost-saving opportunities, and providing strategic guidance to project teams to maintain financial control and achieve project objectives.

Key Responsibilities

• Cost Estimation & Budgeting: Develop and manage detailed project budgets, ensuring alignment with project scope and objectives. Work closely with project managers and other stakeholders to develop accurate cost estimates.
• Cost Tracking & Monitoring: Continuously monitor and track project costs, including labor, materials, and overheads. Ensure expenses remain within the approved budget by identifying and addressing discrepancies in real time.
• Forecasting & Reporting: Prepare regular financial reports that outline actual costs vs. budgeted costs, providing detailed analysis and recommendations to senior management for corrective actions as needed. Update project forecasts and cash flows to reflect changes in scope or timelines.
• Variance Analysis: Identify cost overruns and perform detailed variance analysis to determine the root causes. Proactively implement corrective actions to bring costs back within budget.
• Cost Control Procedures: Develop and implement cost control procedures and best practices to manage project budgets effectively. Ensure all team members follow established financial protocols and contribute to cost management efforts.
• Risk Management: Assess potential cost risks and provide recommendations to mitigate financial risks, including delays, scope changes, or resource shortages.
• Collaboration & Communication: Act as a liaison between the finance team, project managers, procurement, and other departments to ensure smooth communication and transparency regarding project financials.
• Documentation & Compliance: Ensure accurate and timely documentation of all cost-related activities. Maintain compliance with company policies, legal regulations, and contractual obligations.
• Continuous Improvement: Suggest and implement improvements to cost control systems and processes, including the use of software tools for tracking and reporting costs more effectively.

Required Qualifications

• Education: Bachelor\'s degree in Finance, Accounting, Business Administration, Engineering, or related field. Certification in Project Management (e.g., PMP) or Cost Engineering (e.g., AACE) is a plus.
• Experience: Minimum of 3-5 years of experience in project cost control, financial management, or project management in a similar industry. Experience in [specific industry, e.g., construction, IT, manufacturing] is highly desirable.
• Technical Skills: Proficient in cost control software (e.g., MS Project, SAP, Primavera P6, or similar), advanced Excel skills (including formulas, pivot tables, and data analysis).
• Analytical Skills: Strong analytical and problem-solving abilities, with a focus on identifying cost-saving opportunities and minimizing financial risks.
• Communication Skills: Excellent written and verbal communication skills, with the ability to communicate complex financial data to non-financial stakeholders.
• Attention to Detail: Exceptional attention to detail, accuracy, and the ability to work with large datasets and complex financial models.
• Teamwork & Collaboration: Strong interpersonal skills and the ability to work effectively with cross-functional teams.

Desirable Skills

• Experience with project management software (e.g., MS Project, Primavera P6, Procore).
• Familiarity with financial reporting standards and project cost accounting practices.
• Knowledge of industry-specific cost control methodologies.

Work Environment

• Office-based.
• Flexible work hours may be required to meet project deadlines or respond to financial concerns.