Senior Cost Engineer

Parsons Corporation

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Job Description:

Parsons is looking for an amazingly talented Senior Cost Engineer to join our team! In this role you will get to lead cost management activities across large and complex projects.

This role requires an experienced professional who can estimate costs, manage budgets, track expenditures, and deliver detailed financial reports. The Senior Cost Engineer will oversee all cost-related activities to ensure that projects are completed on time, within budget, and with optimal resource utilization. Strong leadership, financial acumen, and the ability to communicate with stakeholders at all levels are essential to succeed in this role.

What You ll Be Doing:

Cost Estimation and Budgeting:

• Lead the preparation of detailed and accurate cost estimates for all phases of large-scale projects, including design, construction, and commissioning.

• Develop comprehensive budgets based on project scope and technical requirements, ensuring alignment with the overall project objectives.

• Work with project managers and engineers to understand the project scope and identify potential cost-related risks and opportunities.

Cost Control and Monitoring:

• Oversee the day-to-day cost control efforts, ensuring that the project adheres to the budget and identifying areas where corrective actions are required.

• Monitor project expenditure and report on cost performance, highlighting any cost overruns or savings.

• Manage cash flow projections and forecasts, ensuring adequate funds are available throughout the project lifecycle.

• Develop and maintain cost control procedures and work closely with the project team to ensure their effective implementation.

Cost Reporting and Financial Tracking:

• Prepare and present comprehensive cost reports and analyses to senior management, including detailed cost breakdowns, forecasts, and budget performance.

• Perform variance analysis, identifying discrepancies between actual and forecasted costs, and recommend corrective actions.

• Ensure timely and accurate reporting of financial progress in accordance with internal and external stakeholder requirements.

• Regularly update project financials, incorporating changes to scope, schedule, or design, and ensuring alignment with project objectives.

Risk Management and Mitigation:

• Identify and assess potential financial risks early in the project, developing strategies to mitigate them.

• Collaborate with the project team to ensure that any financial risks, including scope changes and unanticipated conditions, are managed and resolved.

• Develop risk management frameworks to protect the project budget and reduce the likelihood of cost overruns.

Contract Management and Procurement Support:

• Review and evaluate contracts to ensure that all costs are captured and that the contractor s proposals are aligned with budget expectations.

• Collaborate with procurement teams to support the selection of contractors and suppliers, ensuring that they meet the financial objectives of the project.

• Monitor contract performance and compliance with agreed terms, and resolve any disputes related to financials, including claims, change orders, or variations.

Change Management and Variations:

• Manage changes in scope, work packages, and project specifications, ensuring that their financial impact is assessed and communicated effectively.

• Oversee and approve variations, ensuring that changes are properly documented and aligned with the overall project budget.

• Ensure that all change orders are assessed, approved, and incorporated into the project budget in a timely and accurate manner.

Leadership and Mentorship:

• Lead and mentor a team of cost engineers and project controls professionals, providing training, guidance, and support for career development.

• Conduct regular performance reviews, ensuring that team members are motivated and aligned with project goals and company standards.

• Foster a collaborative team environment to drive financial performance and ensure effective project delivery.

What Required Skills You ll Bring:

• Education: Bachelor s degree in Engineering, Construction Management, Quantity Surveying, or a related field.

• Experience:

  • Minimum of 8-10 years of experience in cost engineering or cost control, with at least 5 years in a senior or lead role within large-scale infrastructure, construction, or industrial projects.

  • Strong experience in cost estimating, budgeting, and financial control in complex projects.

  • Experience managing project budgets in excess of $10 million, with a focus on identifying cost-saving opportunities and optimizing financial resources.

• Skills & Knowledge:

  • Advanced proficiency in cost management software (e.g., Primavera P6, Procore, or similar) and project controls tools.

  • Strong knowledge of project management principles, construction processes, and financial regulations.

  • Expertise in construction contracts, including FIDIC, NEC, and similar frameworks, and their impact on cost management.

  • Strong analytical and problem-solving skills, with the ability to make sound financial decisions under pressure.

  • Excellent written and verbal communication skills, capable of presenting complex financial data to stakeholders at all levels.

  • In-depth knowledge of cost forecasting, variance analysis, and cash flow management.