The Cost Engineer reports to the Cost Manager. As a member of the Cost Department, they will provide support to the success of the company by contributing to the financial management of active/inactive projects as well as producing financial reports to senior management on a monthly basis. The Cost Engineer shall be an integral part of the project team and shall work closely with Project Executives and Project Teams to set up and manage monthly updates of all project budgets and costs, and shall uphold the uniform and consistent project cost practices across all UAG projects as outlined by the Cost Manager. For each of the Cost Engineer’s projects, they shall be actively involved in the coordination of budgetary information amongst UAG’s cross-functional departments including Purchasing, Accounting, and Operations. The Cost Engineer shall also work with the Cost Manager to institute, assemble, and manage proposal and project start-up functions including project general conditions, general requirements, and CMA digest review.
Primary Role Responsibilities & Functions:
- Monitor and audit project cost/budget reports on assigned projects including but not limited to the GC Monitor, WIP forecast, Monthly Project Profit Report, and At Risk Work
- Prepare UAG’s Budget Report, cost monitors at job startup based upon the estimates developed by the preconstruction team, estimating, and/or Operations.
- Develop and assist the project teams with financial reporting and forecasting templates including but not limited to: General Conditions / WIP Forecasts, Risk/Reserve Reports, Projected Profit Reporting and Monthly Financial Review Meeting Data.
- Develop and assist the project teams and the Cost Manager in identifying and monitoring key financial metrics and quantitatively measure project cost and budget performance.
- Uphold the key project cost and budget practices of UAG.
- Extract key financial components from Construction Agreements including but not limited to: fee entitlement on markups to change orders and progress work. Manage how these markups are monitored along the project’s life cycle based upon the specifics on the Construction Agreement.
- Attend project kick-off meetings when assigned jobs by supervisor to review contract’s key financial components with the project team which includes but is not limited to: Schedule of values, Fees, GC’s, Non-Reimbursable Costs, PTO, LD’s, and Incentives.
- Attend and participate in weekly/monthly review and on-site Monthly Review Meetings (MRMs)
- Attend and participate in monthly/quarterly Financial Review Meetings (FRMs)
- Update financial information required for monthly Financial Review Meetings for review in a timely manner prior to scheduled meeting with PX, Cost Manager, Accounting Manager, Purchasing Manager, and Director, Financial Operations.
- Support Operations with any change management or budget report related issues
- Review Change Orders prior to posting to ensure compliance with Construction Agreements (markups, free fly zones, authorized signatories, etc.) and appropriate use of funding sources (i.e. Contingencies, back-charges, holds/allowances, etc.)
- Support operations, purchasing and accounting with the management and organization of job costing (phase codes/category codes)
- Provide regular feedback and analysis in properly identifying and closing out projects along with accounting
- Make timely updates to monthly financial reports on assigned projects for current period ending that includes but is not limited to the Risk/Reserve Report, Earnings Variance Report, and WIP/ GC Monitor.
- Update assigned projects in monthly Earnings Forecast Summary (EFS) report for review by Cost Manager.
- Conduct routine projects audits on specific projects, identified by Cost Manager, which thoroughly reviews all financial reports with a focus on detailed Cost-At-Risk, project earnings analysis, and Accounting’s unbilled transactions/billing proofs.
- Assist with the coordination, review and submission of documents for quarterly third party project audits. This includes working with the project team on a response to any findings resulting from the third party audit.
- Assist in the conversion process inclusive of opportunity job cost review from projects transitioning to a secured contract number which may require payroll transfers/journal entries.
- Regularly update staff rates on GC Monitors and Owner Contract Exhibits in a timely manner when changes are incurred due to annual increases, meritorious increases, or promotions
- Work with teammates to provide relevant and accurate tools, documents, templates, and handouts required for quarterly cost training workshops and other interim trainings
- Attend all mandatory and recommended training and professional development programs
- Assist the Cost Department with updating and maintaining a library of unit rates for materials and services related to General Conditions.
Secondary Role Responsibilities & Functions:
- Assist the Cost Manager in assembling PMA’s for Proposal.
- Assist the Cost Manager in reviewing project proposal General Conditions and General Requirements and ensure they meet UAG cost and budget standards.
- Assist the Cost Manager in assembling and executing PMA’s for Contract.
- Assist the Cost Manager in CMA review and Contract Digest review to ensure key contract terms are properly extracted and identified.
- Develop and maintain an understanding of project scheduling practices and how they impact project cost.
- Assist the project team in project schedule analysis and assemblage of delay cost analysis.
- Assist with testing and implementing new construction management software and updates to existing software in various modules to confirm performance, accuracy, and consistency
3-5 years of work experience, construction industry experience preferred
Bachelor’s degree in Engineering preferred
Detail-oriented with excellent organization and communication skills
Proficient or Master in Microsoft Office Excel
Strong analytical and accounting skills. Must be able to effectively handle multiple projects simultaneously in a deadline-driven environment. Excellent verbal, written communications, and interpersonal skills. Ability to work independently and as part of a team and take on new tasks with high level of difficulty. Attention to detail and deadlines is critical.