Published: August 23, 2024 - The Cost Engineer prepares weekly and monthly cost reports, alongside detailed financial analyses and budgets, in close collaboration with construction and project teams. Focused on identifying and promoting improvements to enhance cost effectiveness and operational efficiency in project workflows. Actively liaises with team members for cost-related issue resolution, supports contract negotiations, and ensures adherence to company guidelines and safety procedures.
An Introduction to Professional Skills and Functions for Cost Engineer with a Cover Letter
1. Details for Cost Engineer Cover Letter
- Preparation and generation of quotes, according to the complexity of a process or product and the client's strategist.
- Calculate resources (HC, Equipment, space) for the manufacture of a product.
- Collaborate with different technical teams to support the required resources (operators, technicians, supervisors, equipment, tools, manufacturing and warehouse areas) for the manufacturing of the projects to be quoted, define and feed the costing model with the defined technical data, determine the resources in the manufacture of the projects to be quoted, ensuring that meet the requirements of the client, project and in accordance with the company's guidelines.
- Analyze monthly volume and production schedule impact on financial results
- Support monthly consolidation, annual budget & long term planning processes
- Complete key reports to support quarterly closes, 10K/10Q and earnings announcements
- Solve problems and develop new methods of analysis to streamline decision-making
- Analyze trends in forecast and variances to Prior Year/ Budget/LTP
- Provides accurate, timely and reliable reporting and controls
- Monitoring time confirmation and validating accuracy around resource allocation to teams as related to predicted cost outcomes.
- Work closely with Finance and Operations team with the preparation and calculation of VoWD phasing and cash flow phasing.
- Provides cost anomaly analysis support to ILNG Implementation Services Team Leader.
Skills: Quotation Development, Resource Calculation, Cross-Functional Collaboration, Financial Analysis, Budgeting and Planning, Report Preparation, Analytical Problem Solving, Cost Anomaly Analysis
2. Roles for Cost Engineer Cover Letter
- Develop and maintain reports that are timely, accurate, reliable, and forward looking to support decision making by the Implementation Management Team.
- Work with Finance to ensure cost reports, accruals and forecasts are in a format that reliably support company’s and joint venture reporting, and feed into month and year end finance processes.
- Coordinating the estimates for scopes related to the ILNG Implementation portfolio of work.
- Managing Contractor cost and providing visibility of contractor costs.
- Interfaces with key contractors to provide accurate VoWD and forecast.
- Provides a consistent approach to contractor claims and evidence
- Manage contractor invoice validation in line with overall services function.
- Responsible to review and verify contractor’s monthly cost, VoWD and forecast to complete reporting.
- Manages contractor commitments, PR/PO process, provide governance over CTR process and registers.
- Develops and maintains a deep understanding on scope driven costs, through interface with planning function.
- Provide cost estimates/forecasts and reporting based on scope and activity, supporting Finance and Operations oversight and cost visibility.
- Develops and maintains a deep understanding of contractor and direct team’s organization structures, in support of predicable cost reporting and change management.
Skills: Report Development, Financial Coordination, Cost Estimation Coordination, Contractor Cost Management, Invoice Validation, Claims Management, Cost Forecasting, Organizational Analysis
3. Responsibilities for Cost Engineer Cover Letter
- Provide monthly evidence and justification of actual costs (to support client audit
- Develop project cost plans/forecasts and support invoicing processes
- Report actual costs versus forecasts and identify and explain variances.
- Communicate with both the project team and the management team to resolve cost issues.
- Use of Jacobs Global Project Controls system (IPCS) including monthly internal reporting
- Undertake estimate preparation as directed by the Project Manager and Project Controls Manager using information provided by the Joint Venture
- Provide cost data input to monthly project report.
- Checking sales rates against invoices.
- Provide input and support Finance with the annual budget build, periodic forecasting, and ongoing Joint Venture and Executive cost challenges.
- Responsible to deliver improvements that accelerate time recognition (e.g. gate records SAP time confirmation) to assist with VoWD/accrual, payment validation.
- Contribution to other operations management activities such as contract. management, planning, document control, project admin and so on.
- Utilize comprehensive knowledge of the manufacturing process and its regional differences to produce strong material costs, estimates, and targets
- Be an active partner with the internal Global Purchasing and Supply Chain team - aid in providing a fair yet competitive component cost
Skills: Cost Justification, Forecast Development, Variance Analysis, Project Communication, System Proficiency in IPCS, Estimate Preparation, Financial Reporting, Strategic Purchasing Collaboration
4. Functions for Cost Engineer Cover Letter
- Manage funding, budget, and cost for assigned projects
- Coordinate with Project Managers and other stakeholders to maintain accurate forecasts to reflect the true Estimate at Completion (EAC) for each budget line item throughout the life of projects.
- Manage project contingency to reflect the true project EAC.
- Determine the funding of contracts and change orders based on a variety of factors including funding availability, projected cashflow, funding spend priority, and specific funding source requirements.
- Maintain reconciliation of project cost data.
- Determine and initiate task level funding changes.
- Prepare reports for project controls meetings.
- Prepare project level Cost Summaries and manage project budget changes.
- Prepare cashflows by program, project, contract, and funding source in collaboration with PMs and other stakeholders.
- Prepare monthly and quarterly deliverables for funding agencies and internal stakeholders.
- Manage the collection of monthly and quarterly project updates from PMs.
- Perform program and project level analysis.
Skills: Financial Management, Forecast Coordination, Contingency Management, Contract Funding Determination, Cost Data Reconciliation, Reporting, Cash Flow Management, Stakeholder Communication
5. Job Description for Cost Engineer Cover Letter
- Work closely with (challenge) Commercial, Engineering, Operations, Procurement and Finance to agree short term cost targets.
- Build detailed bottom-up cost estimates for existing and new products currently being developed within the business.
- Own the bill of materials per product.
- Conduct reviews with Engineering to calculate future product costs and understand the associated risks and opportunities which could impact a product as it progresses through the development cycle.
- Work with Engineering, Procurement and Commercial to develop new cost calculation tools (models).
- Use bench-marking data and execution feedback to ensure robust results.
- Working with Engineering and Operations identify and drive product design and manufacturing process improvements in line with the strategy required ‘cost-down’.
- Provide support on all Capital investment decisions, feeding in cost estimates where required to do so.
- Actively supporting Product Cost Management in both acquisition and product development projects
- Collaborating with corporate functions (Technology Domains for Rubber, E - motors, Forgings and Formings, Iron and Aluminum castings) to coordinate product costing and joint cost engineering tasks
- Transparent cost disclosure to ZF customers, considering possibilities to increase/optimize price and business case
Skills: Cross-Functional Collaboration, Cost Estimation, Bill of Materials Management, Risk Assessment, Cost Modeling, Benchmarking Analysis, Process Improvement, Capital Investment Analysis
6. Accountabilities for Cost Engineer Cover Letter
- Drives lean design, design for costs and design for manufacturing within Engineering
- Influences and finetunes designs to reduce manufacturing cost from initial concept and throughout the product lifecycle
- Evaluate current and new designs, estimate should-cost as well as identify cost drivers and compare to current cost as well as vendor quotes for accuracy.
- Identify gaps to improve should costing assessments and to help cost reduction negotiations
- Collaborate with cross-functional teams, design engineers, suppliers, supplier engineers and supply chain managers to improve system/part cost, should-cost models, RFQ analysis, and cost negotiations
- Understand the manufacturing landscape, capabilities, limitations, and technologies available (and emerging) to produce parts for the high-tech sector.
- Responsible for creating, analyzing, and validating component material costs and targets.
- Generate ground-up / detailed material cost estimates that encompass both piece-price estimations and production tooling estimations.
- Analyze, organize, and understand large amount of data
- Implementing idea and measure management across product lines, including a target group-oriented reporting (e.g. drive measure identification & implementation)
- Organizing and facilitating product cost optimization workshops, managing the design-to-cost process to develop alternate technical solutions on concept, component and functional levels, applying the corresponding set of methods (functional cost analysis, design-to-cost, benchmark) and project cost monitoring
Skills: Lean Design Implementation, Cost Analysis and Reduction, Cross-functional Collaboration, Manufacturing Landscape Understanding, Material Cost Analysis, Data Analysis and Management, Cost Optimization Facilitation, Project Cost Monitoring
7. Tasks for Cost Engineer Cover Letter
- Deliver accurate and timely cost reports/forecasts and other financial and spend data to support the Cost Assurance TL in role, evaluating, challenging & reporting Maintenance, Project & TAR spends to ensure these are kept within budget.
- Lead the post-contract commercial relationships with a number of Refinery Contractors, working closely with Purchasing Teams and Project Managers to ensure management of post-contract procedures is fully aligned with the contract.
- Ensure the Refinery only pays for what is due, and achieves good value for money in all its commercial relationships with suppliers.
- Implement the company post-contract and variation management & control tools.
- Report post-contract savings made through Contract Audit process
- Evaluate, challenge and report spend as required to Maintenance, Project and TAR Leaders to assure budget is achieved, including identifying & reporting any unbudgeted spend.
- Manage the development of Forecast Final Costs figures for each element of spend to ensure accurate forecasting of a number of overall projects/TAR.
- Analyse contractor estimates and forecast costs to ensure are accurate and ensure costs will be maintained within the target cost or lump sum depending on contract strategy.
- Assist in the development of Estimates & Budgets to ensure budget holders understand the overall costs and how much sanction will be required to execute the Scope.
- Supervise the efficient and timely close out of TAR's & Projects.
- Manage costs journal transfers as required to ensure proper cost allocation.
Skills: Cost Reporting, Contract Management, Financial Forecasting, Budget Evaluation, Post-Contract Auditing, Commercial Negotiation, Cost Allocation, Project Supervision
8. Expectations for Cost Engineer Cover Letter
- Develop, implement and manage effective project cost control for the project.
- Recording, controlling, forecasting, and reporting of cost, change, progress, invoicing, authorisations of expenditure, and cash flow projections.
- Preparation of weekly and monthly cost reports and other financial analysis for the project.
- Preparation of budgets in conjunction with construction and project team members.
- Promote the identification of potential areas of concern or improvement, to maximise cost effectiveness on projects and work practices.
- Provide ad-hoc cost control support / advice to project team members and project management.
- Liaise with project team members to clarify cost related issues, provide timely review of monthly invoices to ensure payment in accordance with contract terms and develop/analyse project costs.
- Support negotiation of contract exhibits for cost, milestone payments, progress payments, earned value measurement, change orders, and unit rates.
- Utilise Continuous Improvement processes to ensure consistent quality and fit-for-purpose outcomes.
- Input and analyse data in the cost control applications to ensure project data integrity.
- Responsible for personal safety safe working practices, etc.
- Understand and follow project HSE procedures.
- Supervise any supporting roles in the project cost control area
- Ensures Company guidelines and process are implemented and followed within the project.
Skills: Project Cost Control, Financial Forecasting, Budget Preparation, Financial Reporting, Cost Analysis, Contract Negotiation, Continuous Improvement, Data Integrity Management
9. Competencies for Cost Engineer Cover Letter
- Adopt a Total Cost of Ownership approach while estimating the cost of parts and assemblies, including the cost of manufacturing, supplier supply chain, transportation, taxation, markups, overconsumption, risks, manufacturing inefficiencies, etc.
- Plan and construct cost/price estimates of various parts, assemblies, and systems in support of different departments (e.g. Procurement, Engineering)
- Perform cost driver, breakdown, and benchmark analyses, by analyzing product requirements and specifications
- Collection and structuring high amounts of data to perform should be costing analysis
- Identify cost reduction potentials and issue recommendations for action
- Analyze and quantify economic implications of client requirements on the design and manufacturability of some parts and assemblies
- Identifying cost reduction Initiatives, through Design to Cost, Design to Manufacturing, and Design to Value
- Analyze complex systems from CAD, prototypes, as well as on the shop floor
- Track record of successful benchmark, or should cost induced negotiations, and/or supply cost improvement initiatives
- Maintain detailed referenced files and supporting documentation to give a complete picture/audit trail for Maintenance, Projects and TARs to ensure historical data is retained for future use.
- Validation and certification of applications for payment, Variation Requests and claims from Contractors and 3rd parties.
- Supervise the development of budget phasing information in conjunction with planning & estimating to ensure realistic forecast are contained within annual budgets.
Skills: Total Cost of Ownership Analysis, Cost Estimation, Cost Breakdown Analysis, Data Collection and Analysis, Cost Reduction Strategy, Economic Impact Analysis, Design Efficiency Optimization, Documentation and Record Keeping
10. Capabilities for Cost Engineer Cover Letter
- Review and approve vendor change order requests ensuring that are allocated to correct cost codes and include required backup documentation.
- Review and approve vendor payment applications ensuring that are aligned with approved contract amounts, allocated to correct cost codes, and include required backup documentation.
- Review and approve vendor change order requests ensuring that are allocated to correct cost codes and include required backup documentation.
- Communicate with vendors as necessary to ensure processing payment applications and change order requests of projects do not negatively impact the projects.
- Administer internal processes to create or modify purchase orders by preparing and submitting purchase requests.
- Maintain, update and track internal purchase requests from inception through PO issuance and closeout.
- Ensure that project costs are aligned between internal tracking software systems.
- Maintain, update and track changes to unit rate workbook(s) over the duration of projects.
- Prepare data/cost reports and attend project forecast review meetings as necessary with project managers.
- Ensure that work completed but not included in vendor payment applications is accrued on a monthly basis and incorporated into cost reports.
- Perform all activities in a safe and responsible manner and support all Environmental, Health, Safety & Security requirements and programs.
Skills: Vendor Management, Contract Administration, Cost Code Allocation, Communication and Coordination, Purchase Order Administration, Financial Tracking, Data Reporting, Environmental and Safety Compliance
What Are the Qualifications and Requirements for Cost Engineer in a Cover Letter?
1. Knowledge and Abilities for Cost Engineer Cover Letter
- Direct experience in the practice ofhigh-end precision manufacturing of high precision mechanics andmechatronics assembly with qualification.
- Specific experience with costing, quoting, estimating,and value chain mapping.
- Thorough understanding and experience with the moreadvance manufacturing process’ like 5 Axis CNC Milling, CNC Turning,Laser/E-Beam welding, additive (3D printing) manufacturing, precisionmechanics in vacuum, laser and waterjet cutting, EDM, manufacturing flow,etc.
- Knowledge of manufacturability of raw materialmanufacturing like stainless steel, titanium, refractory metals, casting,extrusion, high end plastics, etc.
- Understand supplier and supply chain (advanced)manufacturing capabilities and preferable financial value stream andcosts.
- Experience with manufacturing complex components andassemblies and a general understanding of costs.
- Proven ability to drive down Cost of parts andassemblies by influencing design on manufacturability and costs.
- Understand high precision, low volume, high mixmanufacturing strategies.
- Experience in project management and defect logging tools.
Qualifications: BS in Project Management with 5 years of Experience
2. Experience and Requirements for Cost Engineer Cover Letter
- An excellent theoretical and practical understanding of procurement, commodity management and cost structures in relevant commodities such as metal and turned parts, cold-formed parts, sheet metal, tubes and plastics
- Working experience in cost estimation and cost analytics in a ‘state of the art’ procurement organisation, preferably in automotive
- Strong market knowledge of procurement markets, relevant production processes and related cost structures
- Excellent communication and presentation skills
- Very strong analytical thinking and target oriented
- Advanced knowledge of English (spoken and written)
- Understanding of multi-disciplinary co-ordination across major infrastructure projects and global design teams.
- Ideally have experience in variety of software platforms e.g. SPOT, Power Bi, Primavera, PRISM,
- Ideally have experience or interested in working with international colleagues of different technical cultures or on overseas projects
- Ability to coordinate across infrastructure projects and global design teams.
Qualifications: BS in Industrial Engineering with 3 years of Experience
3. Skills, Knowledge, and Experience for Cost Engineer Cover Letter
- Automotive product development, design and/or costing experience
- Experience with one or more of the following commodities/skill sets: Lighting, Assembly, Injection molding, Exterior or interior plastics, Processing, Finance
- Experience in activity based costing or design and release of automotive components
- Strong negotiation, leadership, interpersonal and communication skills
- Must be detail oriented and highly organized to manage many programs and cost details simultaneously
- Must possess the ability to adapt to different personalities and management styles
- Attention to detail, organization prioritization and the ability to handle multiple tasks
- Must possess strong technology skills
- Self-starter with good verbal and written communication skills
- Dedicated and hard working
- Knowledge of financial processes and procedures
Qualifications: BA in Construction Management with 5 years of Experience
4. Requirements and Experience for Cost Engineer Cover Letter
- Experience in cost management.
- Experience in lieu of degree is acceptable with Cost Control related Training
- Proficient with Microsoft Excel
- Ability to communicate effectively with various personnel, including dealing with people effectively and tactfully in difficult and stressful situations
- Excellent time management and organizational skills, attention to detail and ability to work under time pressure
- Exercise responsible and ethical decision-making regarding company funds, resources and conduct and adhere to WSP’s Code of Conduct and related policies and procedures
- Proven track record of upholding workplace safety and ability to abide by WSP’s health, safety and drug/alcohol and harassment policies
- Familiar with Transportation projects
- Familiar with Primavera P6
- Familiar with Cost Management Software such as Ecosys
Qualifications: BS in Mechanical Engineering with 3 years of Experience
5. Education and Experience for Cost Engineer Cover Letter
- Experience with defense cost estimating
- Experience with Microsoft Excel, Word, and PowerPoint
- Experience with data collection and analysis
- Experience with DoD acquisition and supporting major milestones
- Experience with the manufacturing process flow
- Experience with supply chain management and logistics
- Experience with management and business development
- Possession of excellent oral and written communication skills
- Possession of excellent leadership, teamwork, and collaboration skills
- International Cost Estimating and Analysis Association (ICEAA) Certified Cost Estimator/Analyst (CCE/A) Certification
Qualifications: BS in Civil Engineering with 3 years of Experience
6. Professional Background for Cost Engineer Cover Letter
- Solid technical skills, with thorough knowledge of project control principles and work methods including Work Breakdown Structures (WBS), Earned Value Measurement (EVM), Critical Path Scheduling (CPS) and Schedule Risk Assessment (SRA).
- Experience supporting cost control of LNG and/or mega Deep-Water projects
- Knowledge of project management and project controls principles and concepts.
- Proficient hands on experience with project management tools, i.e., cost management (Omega), as well as having strong MS Excel, PowerPoint and Word capabilities.
- Strong problem solving and analytic capabilities.
- Experience in working practices
- Experience of client Project Control Procedures
- Good working knowledge of CEMAR
- Can demonstrate sound communication skills
- Have the end-to-end view and be able to grasp complex processes and systems quickly
Qualifications: BS in Project Management with 2 years of Experience
7. Knowledge, Skills and Abilities for Cost Engineer Cover Letter
- Experience in cost or construction projects.
- General Contractor or Construction Management experience.
- Previous experience with MII, SUCCESS, SAGE, and PACES.
- Excellent interpersonal and communication skills.
- Prior military or government experience
- Must be able to demonstrate the ability to produce cost management reports.
- Experience working in a fast-paced project environment
- Familiar with working under NEC3 contracts
- Ability to multi-task and work under minimal supervision
- Proven track record of an attention to detail with high levels of accuracy in work outputs
- Proficient with Project Management Information Systems (PMIS) and other Cost Management tools
Qualifications: BS in Industrial Engineering with 10 years of Experience
8. Accomplishments for Cost Engineer Cover Letter
- Solid technical skills, with thorough knowledge of project control principles and work methods including Work Breakdown Structures (WBS), Earned Value Measurement (EVM), Critical Path Scheduling (CPS) and Schedule Risk Assessment (SRA).
- Experience supporting cost control of LNG and/or mega Deep-Water projects in Africa
- Knowledge of project management and project controls principles and concepts.
- Proficient hands on experience with project management tools, i.e., cost management (Omega), as well as having strong MS Excel, PowerPoint and Word capabilities.
- Strong problem solving and analytic capabilities.
- Effective communication skills - listening, verb
- Proven ability to multitask and work independently
- Articulate and a strong communicator
- Experienced problem-solver
- Highly organized, responsible, reliable and detail-oriented
- Ability to convey information to someone effectively and efficiently while creating a good first impression and engaging the audience
Qualifications: BA in Construction Management with 3 years of Experience
9. Key Qualifications for Cost Engineer Cover Letter
- Heavy civil construction experience or similar construction cost/estimating experience or equivalent combinations training and related experience.
- Working knowledge of and ability to select/apply resource monitoring and control techniques i.e., cost accounting, budget analysis, etc. as well as an understanding of the nature of process systems, structures and construction technology
- Knowledge of construction safety and current federal & OSHA Requirements.
- Strong organizational and time management skills.
- Strong written and verbal communication skills.
- Good attention to detail, with the ability to recognize discrepancies.
- Strong work ethic - highly motivated and willing to do what it takes to get the job done right.
- Ability to work independently as well as part of a team.
- Must be computer literate with strong working knowledge of Windows and Microsoft programs.
- Ability to co-ordinate across infrastructure projects and global design teams.
Qualifications: BS in Mechanical Engineering with 5 years of Experience
10. Abilities and Experience for Cost Engineer/Pricing Analyst Cover Letter
- Experience in an aerospace or defense manufacturing environment.
- Previous program management or system engineering experience in a military or aerospace setting
- Demonstrated knowledge of database SQL/Microsoft Access, Excel and Project.
- A hands-on, “get it done” attitude.
- Strong communication skills and strategic thinking mindset.
- Ability to work collaboratively with various disciplines and other company departments.
- Excellent oral and written English skills.
- Analytical and problem-solving skills
- Ability to effectively manage time between multiple projects.
- Ability to comprehend and systematically organize the various aspects of a problem or situation
Qualifications: BS in Civil Engineering with 3 years of Experience