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
