Cost Engineer

3 weeks ago

Faridabad, India Nipha Exports Full time

Cost Engineer

Location: Faridabad
Reports To: Plant Head / Operations Manager

Job Purpose

To analyse, estimate, and control costs associated with forging and casting operations, ensuring cost efficiency, optimal resource utilization, and accurate product pricing to support profitability and competitiveness.

Key Responsibilities

1. Cost Analysis & Estimation

  • Prepare detailed cost estimates for forging and casting parts based on raw material, labour, tooling, machine time, and overheads.
  • Analyse product drawings, process flows, and BOMs (Bill of Materials) to determine cost drivers.
  • Develop cost models for new parts or process changes.

2. Cost Monitoring & Control

  • Monitor production costs on a daily/monthly basis and identify variances against standard or estimated costs.
  • Investigate deviations and recommend corrective actions to minimize wastage and inefficiencies.
  • Collaborate with production and procurement teams to track cost-saving opportunities.

3. Budgeting & Forecasting

  • Support in the preparation of plant budgets, forecasts, and financial planning.
  • Track actual vs. budgeted costs and provide variance reports.

4. Profitability Analysis

  • Conduct product-wise, customer-wise, and process-wise profitability analysis.
  • Support pricing decisions by providing cost and margin insights.

5. Process Improvement & Cost Optimization

  • Identify opportunities for cost reduction in materials, processes, and supply chain.
  • Participate in value engineering and lean manufacturing initiatives.

6. Reporting & Documentation

  • Maintain accurate cost records and documentation for audits and management reporting.
  • Prepare periodic cost reports, dashboards, and MIS as required.

Qualifications & Skills

Education:

  • Bachelors / Diploma degree in Mechanical/Industrial Engineering, Metallurgy, or related field.

Experience:

  • 3–7 years of experience in cost engineering or industrial costing, preferably in a forging and casting environment.

Skills:

  • Strong knowledge of forging and casting processes and associated cost elements.
  • Proficiency in ERP systems (SAP, Oracle, etc.) and costing modules.
  • Excellent analytical and problem-solving skills.
  • Good communication and cross-functional collaboration.
  • Strong Excel and data analysis capabilities.

Desirable Attributes

  • Familiarity with lean manufacturing, Six Sigma, or other cost optimization methodologies.
  • Exposure to automotive or aerospace manufacturing standards.
  • Ability to read engineering drawings and technical specifications.

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