Project Cost Manager

1 week ago

Thiruvananthapuram, Kerala, India beBeeCost Full time ₹ 15,00,000 - ₹ 16,00,000
Job Title : Project Cost Manager

The ideal candidate will have 8 years of experience in engineering, procurement and construction industry.

Key Responsibilities
  • Cost Control and Analysis
  • Monitor, analyze, and report on project costs for large-scale projects.
  • Track costs across various phases ensuring alignment with budgets.
  • Prepare detailed variance reports analyzing the causes of deviations between budgeted and actual costs.
  • Validate petty cash and non-PO based expenses, supplier assessments, advance payments to suppliers, credit facilities and credit periods.
  • Progress Monitoring and Reporting
  • Collaborate with project teams to track progress and update percentage-of-completion calculations as per IFRS 15.
  • Provide insights and reports on cost performance, profit margins, and project cash flow on a regular basis.
  • Contract Compliance and Risk Management
  • Ensure compliance with contractual agreements and project-specific financial regulations.
  • Validate costs in line with contract terms and identify any cost overruns or savings opportunities.
  • Conduct audits to ensure accurate allocation of costs to respective projects and phases.
  • Inventory and Procurement Cost Optimization
  • Work with procurement to control and analyze material and service costs.
  • Ensure proper valuation of inventory used for projects and implement strategies to minimize waste and costs.
  • Risk Identification and Mitigation
  • Identify potential risks related to project costs including scope changes, delays, or unexpected expenses.
  • Recommend strategies for cost reduction through value engineering, efficiency improvements, manpower management, material management, reducing idle time.
  • Fixed Assets Management
  • Track, record, and monitor fixed assets at project sites to ensure proper utilization and maintenance.
  • Oversee asset capitalization, depreciation calculations, and ensure compliance with relevant accounting standards.
  • Conduct periodic asset audits and reconcile asset records to ensure accuracy and prevent asset misplacement or misuse.
  • Financial Forecasting and Reporting
  • Prepare regular financial and cost reports analyzing project expenses and forecasting costs for budgeting purposes.
  • Generate monthly, quarterly, and annual reports detailing variances, expected cost overruns, and other key financial metrics.
  • Collaborate with finance department to support overall financial reporting.

Required Skills:

  • Familiarity with International Financial Reporting Standards (IFRS), particularly IFRS 15, IFRS 9, and IAS 16.
  • Understanding of EPC project lifecycle, cost drivers, and risks.
  • Technical proficiency in project management and accounting software.
  • Analytical skills in cost analysis, budgeting, and variance analysis.
  • Effective communication skills to present cost information and insights.

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