Duties and Responsibilities of a Cost Analyst

The role of a cost analyst is to examine and manage the expenses of a company. These highly-analytical specialists study a company’s costs and report analysis to management. Duties and Responsibilities of a Cost Analyst. Their main tasks include tracking project budgets, establishing product costs, and analyzing changes in company costs.

Cost Analyst Duties:

Review and analyze project bids and budgets for accuracy, quality control, and compliance with all laws and regulations
Proactively identify risks and opportunities for cost reduction
Perform cost analysis, forecasting, budgeting, and variance analysis
Work closely with project managers, controllers, and operations personnel
Write comprehensive monthly expense reports
Work closely with Purchasing Manager on preparing purchase orders, contracts, checks, and other documents
Prepare cost reports for management review
Provide support to project managers as needed
Approve or reject requisitions for services and materials

Cost Analyst Responsibilities:

Provide support to cost engineering team with budgeting, forecasting, and analysis of costs, schedules, and profitability
Develop and maintain cooperative relationships with external customers, internal customers, suppliers, and contractors
Assist in preparation of cost reports, requests for proposals, bids, and other documents
Perform cost analysis and manage labor, material, equipment, and indirect costs
Manage and maintain project cost database
Identify and analyze trends, make appropriate adjustments, and project future expenditures
Work with project managers to develop accurate cost projections and budgets
Develop and maintain cost models
Assist in developing and maintaining Risk Management Systems
Provide administrative support

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