Senior Cost Estimator

Cost Estimation CoE

• Prepare & standardize procedures, guidelines and tools for cost estimating in OQ.
• Provide steer and technical advice on if needed by other business lines on cost estimation. 
• Prepare/review projects cost estimation for green or brown field’s development proposals as required.
• Analyze and compile estimate data that impact the cost of labor, materials, equipment requirements, location, and other factors to ensure a high quality and timely estimate. In addition, analyze and evaluate risks, strategies and present estimate and participate in cost reviews to ensure accuracy and completeness.

Data Analysis

• Prepare detailed projects cost estimation for green or brown fields development proposals under various stages of project development eg. Concept, FEED, DD etc.
• Analyze and compile estimate data that impact the cost of labor, materials, equipment requirements, location, and other factors to ensure a high quality and timely estimate.
• Prepare cost estimate build up basis including contingency, market factor, escalation etc.
• In addition, analyze and evaluate risks, strategies and present estimate and participate in cost reviews to ensure accuracy and completeness.
• Prepare and develop budget estimates for various project initiatives and proposals from various functions/ departments using scientific methodologies, databases at various accuracy levels as required at various stages of project development process.
• Analyze historical data, industry benchmarks, and other relevant sources to gather cost data and develop cost models.

Cost Modeling and Forecasting

• Use statistical methods and data analysis techniques to identify trends, patterns, and key cost factors.
• Develop cost models and use forecasting techniques to estimate costs over the lifecycle of a project or product considering factors such as: Inflation, Market trends, & Potential risks.
• Carryout appropriate business case evaluation utilizing methods like NPV, Payback period and IRR.
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Cost Optimization

• Identify opportunities for cost optimization by analyzing cost breakdowns, conducting value engineering assessments, and recommending alternative approaches or materials that can reduce costs without compromising quality or project objectives

Risk Assessment

• Participating in Project risk workshops and analysing the impact of risks on the project outturn cost.
• Assess project risks and uncertainties that may impact cost estimates.
• Quantify and incorporate risk factors into cost models and develop contingency plans to account for potential cost overruns or unexpected events.

Stakeholder Communication

• Effectively communicate cost estimates, assumptions, and methodologies to stakeholders, including project managers, executives, and clients.
• Provide clear and concise explanations of cost estimates and the underlying analysis to facilitate informed decision-making.
• Attend project meetings

Cost Control and Monitoring

• Capturing actual project progress and work out Value of Work Done (VOWD) / Earned Value, Accruals.
• Verification and processing of Contractor invoices, obtaining necessary approvals.
• Maintaining trend register, Invoice registers for the project.
• Monitoring, and reporting the project costs at all phases of the project.
• Control and monitor project total expenditure including verifying and checking of invoices and claims from suppliers, vendors, and subcontractors to ensure that all project expenditures are captured and properly recorded.
• Provide planning and cost controlling support for all projects which includes variation reporting, monitoring of milestone progress to the preparation of customer billing processes, etc.
• Prepare and update project activity scheduling, monitoring and address the implications to phasing of expenditures.
• Collaborate with project teams to monitor actual costs against estimated costs throughout the project lifecycle.
• Identify and analyse cost variations, recommend corrective actions, and support cost control measures to ensure projects stay within budget.
• Ensure effective project implementation and utilize productive reports from the creation of WBS with the use of project management system to monitor the status of all purchases, invoicing and delivery up to the closure of the project.
• Prepare Monthly forecasting report of ‘Estimate at Completion’ cost for the project.

Cost Benchmarking

• Compare cost estimates against industry standards and benchmarks to validate the reasonableness and competitiveness of estimates.
• Stay updated on market trends, pricing models, and cost drivers within relevant industries.

Continuous Improvement

• Stay updated on emerging cost estimation methodologies, best practices, and industry trends.
• Actively seek opportunities to enhance their knowledge, skills, and capabilities in cost estimation techniques and tools.

Leadership

• Responsible with Skill pool to identity technical gaps and development requirements for the staff including mentoring and coaching.