Project Cost Analyst

4 weeks ago

Aberdeen, Aberdeen City, United Kingdom Wood PLC Full time
JOB DESCRIPTION

Job Objective:

The role involves the formulation and reporting of project financial plans, alongside the monitoring, management, and reporting of project expenditures to ensure effective oversight of projects throughout their duration. This position supports senior cost team members by preparing and delivering project financial plans, ensuring that budgets and reports are created with the necessary detail and precision in line with contractual obligations and Wood's policies, procedures, and standards. This typically includes reviewing, analyzing, and reporting actual and projected project costs against the approved budget.

RESPONSIBILITIES

Key Accountabilities & Responsibilities:

  • Assist in the development and upkeep of Project Work Breakdown Structure (WBS) and Cost Breakdown Structure (CBS) for designated scopes.
  • Collaborate with other Project Controls disciplines and functions, aiding in the formulation of project budgets based on the Basis of Estimate, including work scope statements, assumptions, labor estimates, narratives, and review of client documentation.
  • Coordinate with procurement, finance, and time-capture functions, as well as third parties as necessary, to ensure precise and timely recording of procurement, materials, subcontract, and labor costs. Ensure costs are accurately allocated according to the approved project WBS.
  • Engage with engineering, procurement, and construction teams, and others as needed, to stay informed about project activities and their implications on the project budget, schedule, and cost forecasts.
  • Facilitate and manage the project work approval process concerning accurate cost code allocation and initial budget setup and approvals.
  • Assist in the development and maintenance of project financial plans using suitable software applications.
  • Monitor and control cost commitments and expenditures throughout all phases of the project lifecycle.
  • Collaborate with planning teams as required to ensure accuracy in project cost phasing and forecasting.
  • Prepare and deliver project cost performance reports in accordance with project reporting requirements.
  • Prepare and distribute updates to project cost forecasts.
  • Monitor and report on the cost implications of project manpower forecasts.
  • Develop and issue project change orders/variations in line with engineering and construction change notifications.
  • Facilitate and communicate the cost and schedule implications of change notifications.
  • Oversee overall project cost performance and contingency drawdown.
  • Participate in project meetings as necessary.
  • Engage in the project cost close-out process.
  • Attend cost and estimate risk analysis sessions as required.
  • Participate in Project Controls Compliance and Continuous Improvement Reviews.
QUALIFICATIONS

Qualifications:
  • Typically requires ISCED level 6 (Bachelor's) Degree in a relevant technical or business discipline (or equivalent gained through relevant vocational training and/or industry experience).
Knowledge, Skills, and Experience:
  • Fundamental knowledge of cost software and related principles, tools, and techniques including budgeting, forecasting, and cash flow management.
  • Basic understanding of Project Execution Procedures for Cost Management, including Change Management.
  • Basic comprehension of WBS & CBS structures and project reporting capabilities.
  • Basic ability to develop project financial plans and change estimates.
  • Basic ability to prepare financial reports.
  • Basic understanding of change management and associated cost and schedule processes.
  • Understanding of earned value application, cost and schedule variance analyses/trending, and what-if scenarios.
  • Understanding of project management principles and techniques.
  • Understanding of Cost Management, Change Control, Planning & Risk Analysis & Management.
Personal Attributes:
  • Demonstrates commitment to Wood Values, Visions & Behaviours.
  • Applies analytical and statistical analysis.
  • Ability to work independently and collaboratively within a team.
  • Exhibits effective organization & planning skills.
  • Ability to manage multiple tasks and shifting priorities in a dynamic environment.
  • Strong communication skills, both written and verbal.
  • Employs initiative and a proactive approach to problem-solving.
  • Commitment to continuous improvement.
ABOUT US

Wood is a global leader in consulting and engineering, dedicated to unlocking solutions to critical challenges in energy and materials markets. We provide consulting, project, and operational solutions across 60 countries, employing around 35,000 professionals.

Diversity Statement

We are an equal opportunity employer that recognizes the value of a diverse workforce. All suitably qualified applicants will receive consideration for employment based on objective criteria without regard to race, color, age, religion, gender, national origin, disability, sexual orientation, gender identity, protected veteran status, or other characteristics in accordance with relevant governing laws.

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