Senior Cost Controls Specialist

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Job Overview:

The Senior Cost Control Specialist will be responsible for project budgets, forecasts, controls and reporting project costs. Will also track hours expended, review project costs incurred, and calculate future costs based on labor productivity, wage rates, and risk analysis. The role will work closely with the Project Management Team and will include interactions with the client Cost control team on a regular basis. With minimal supervision, the Sr. Cost Specialist is responsible for independently applying Cost Control procedures, best practices and analysis to any size or type of project. Applies sound knowledge of Project Controls principles in general and leads and guides less experienced Cost Control personnel.

Key Tasks and Responsibilities:

• Setup and write an effective Cost engineering plan as part of the Project Controls Plan. Setup a WBS and CBS.
• Recast and conform the project estimate into a project budget. And if required correct for errors, late development etc.
• Set-up Cost control system on a project, based on Mcdermott internal requirements and project (contract) requirements.
• Transfer Cost Estimate to the project cost control budget.
• Provides Control budgets for Equipment and Material purchase orders and installation subcontracts, engineering, fabrication, marine, hookup, commissioning, project management and support disciplines.
• Prepare and/or direct the development of E, P, C and I cost databases and guide the development in other project execution centers, as necessary.
• Setup and/or direct the setup of effective physical cost trending tools based on earned value principles, using the company tools.
• Prepare month cost reports and support overall project status reports, based on the project reporting calendar.
• Prepare effective cost / quantity analyses, recommendations, including the use of all associated information and tools.
• Prepare a cost forecast at project completion based on an estimate-to-complete for the remaining work and registered expenditures & commitments.
• Regularly analyze project cost/quantity trending/progress data, forecast trends potential trend from this data, raise issues and advice corrective action.
• Regularly analyze discipline performance, manpower, based on physical, progress, rates and performance. Resulting in cost forecasts per discipline, execution center and the total project.
• Risk Management:
  • Proactive identification, assessment, and mitigation of project risks.
  • Development and implementation of risk management plans.
  • Monitoring and reporting on risk status.
  • Facilitation of risk workshops and stakeholder engagement.
  • Coordination of risk management activities across consortium partners.
  • Understand consortium agreements, roles, and responsibilities.
  • Facilitate effective communication and collaboration among consortium partners.
  • Develop quantitative risk analysis to inform project planning and budgeting.
  • Incorporate risk assessment into project schedule development.
  • Communicate effectively with project teams, clients, and consortium partners regarding risks.
  • Build strong relationships with project stakeholders to foster collaboration and trust.

Essential Qualifications & Education:

• Bachelor’s degree in engineering, risk management, project management.* Certification in risk management.
• Knowledge of contract law and insurance principles.
• Proven experience in risk management, project controls, and consortium management within the oil and gas or construction industry.
• Strong understanding of project management methodologies and lifecycle.
• Knowledge of industry-specific standards and regulations (e.g., OSHA, ISO 31000).
• Excellent analytical and problem-solving skills.
• Strong communication and interpersonal skills.
• Ability to work effectively under pressure and meet deadlines.
• Experience in a consortium environment.