JOB PURPOSE
Responsible for managing, reporting and overseeing project cost control executive (if any) on the financial and cost management across projects or portfolios to ensure the project is completed within budget and effective cost management. Work closely with Project Control Manager, Finance Team and other stakeholders to monitor project cost, analyse financial data and provide strategic insight to guide decision-making support that enhances operational efficiency and drives profitability.
- Guide teams in cost estimating, budgeting, forecasting, and control.
- Align cost strategies with project and business goals.
- Standardize and ensure accurate cost control processes.
- Provide clear, actionable insights to project teams and department heads.
- Support informed decision-making and help deliver projects within approved budgets.
JOB RESPONSIBILITIES
- Lead & supervise the team to maintain and update the Project Cost Tracking Database for accurate data referencing and benchmarking.
- Lead the preparation and validation of detailed working budgets in coordination with key stakeholders
- Collaborate with Project Managers and Project Control Managers to prepare cost estimate and forecast.
- Coordinating with project managers, procurement, and finance teams to ensure cost-effective decision-making.
- Ensure all financial plan a line with organization goals and project timeline
- Ensure accurate tracking of project expenses and ensure adherence to budget
- Prepare and present details monthly financial report including breakdowns of expenditures, variance analysis and forecasts.
- Align project cost forecasts with accounting records to ensure consistency in financial reporting and cash flow projections.
- Tracking and monitoring financial impact of scope changes and ensure they are reflected in accounting systems and project budgets.
- Manage budget execution in line with LOA and track project expenditure and commitments
- Lead & supervise the preparation of cost status reviews, monthly reports, and project close-out (commercial) reports.
- Ensure timely and accurate reporting to management and stakeholders.
- Lead cost analysis and forecasting activities, including trend reviews and estimate-to-complete updates
- Assess cost performance and identify variances against the budget
- Provide timely notifications of potential cost overruns or underruns and recommend corrective actions.
- Provide insight on cost saving, opportunity, potential cost overrun and recommend corrective action.
- Advise project teams on cost performance and budgeting concerns using actual vs. planned comparisons.
- Identify financial risk and provide mitigation strategies.
- Coordination & preparing development of Contingency Plan for budget overrun.
- Collaborate with the project management team to develop and implement risk mitigation strategies to avoid cost overruns
- Ensure adequate financial control are in place.
- Administer and manage project cash flow, ensuring funds are available for project execution and avoiding delays.
- Drive the projects towards positive cashflow
- Ensure compliances with financial regulation and company policy
- Ensure cost records meet internal and external audit standards
- Maintain accurate and up to date financial records and documentation
- Prepare, update, and monitor project cash flow forecasts in line with project execution plans, S-curves, and milestone schedules.
- Ensure accurate tracking of actual inflows and outflows versus forecast.
- Liaise with Project Managers, Subcontract Administration or other parties to validate financial projections and commitments.
- Identify cash shortfalls or surplus early and escalate for necessary action.
- Coordinate with the Contract Administration to prepare/issue monthly progress billing based on certified work done or milestones achieved.
- Ensure timely and accurate preparation, issuance and submission of invoices to clients in accordance with contract terms.
- Monitor and follow up on billing approvals and payments from clients to ensure healthy project cash flow.
- Resolve billing discrepancies and disputes with clients, in coordination with project and commercial teams.
- Participate in continuous improvement initiative related to project finance and cost control systems and tools, such as SAP Project Module
- Ensure cost data is accurate, timely, and consistent across all systems, and promote the efficient use of technology within the cost control function.
REQUIREMENTS
- Bachelor's Degree in Engineering (preferably Civil, Mechanical, Electrical, or related fields), Quantity Surveying, Finance, Accounting or equivalent.
- 8-15 years of proven experience in cost control in oil & gas
- Knowledge in project accounting and cost control management.
- Experience with cost control tools and software (e.g., SAP)
