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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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