Cost Engineer - Associate

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Summary

The Cost Engineer in Procurement/Sourcing Solutions is responsible for developing accurate and comprehensive cost estimates, delivering business value analyses, and supporting procurement strategies across all project stages—from early concept through booking.

The position combines deep cost engineering expertise with strong analytical, financial, and project management skills. The role ensures robust cost models, identifies value opportunities, validates realized savings entries, and drives continuous improvement in procurement performance. Collaboration with global stakeholders, Category Management, and cross-functional business partners is essential.

Key Interfaces

• Procurement Categories
• DAS & Oversight Teams
• Sourcing Solutions Teams
• Product Solutions
• Finance / Controllers
• External Data Providers
• Cross-functional project teams

Core Responsibilities

1. Cost Engineering & Procurement Support

• Develop accurate cost estimates using industry-standard methodologies (Should-Cost, TCO, indexation models, benchmarking).
• Prepare and present business value opportunities, including cost reduction, cost avoidance, and competitiveness insights.
• Perform financial analysis, assessing spend trends, margins, supplier economics, and market movements.
• Lead cost engineering analyses and provide recommendations to enhance procurement strategies.

• Prepare key deliverables including cost models, project one-pagers, category training materials, and presentations.
• Conduct internal and external benchmarking to evaluate competitiveness.
• Support continuous improvement of procurement processes and tools.

2. Realized Savings Governance & Validation

• Develop and implement strategies for consistent validation of realized savings across all Procurement Category Families.
• Review, validate, and challenge cost-savings entries to ensure accuracy, transparency, and alignment with business rules.
• Analyze processes, systems, and expenditures to confirm tangible financial benefits.
• Quantify validated savings using data analytics and financial modeling techniques.
• Maintain and update weekly/monthly savings metrics to support planning and stewardship.
• Ensure Realized Savings reporting is audit-ready, accurate, and aligned with senior management expectations.

3. Project Management

• Lead cross-functional savings and cost engineering initiatives from planning through execution.
• Manage scope, timelines, and deliverables for multiple concurrent projects.
• Support implementation of process improvements and technology solutions that enhance cost transparency and operational efficiency.

4. Stakeholder Engagement & Communication

• Build strong relationships with key stakeholders across Procurement, Finance, and Business Lines.
• Provide regular updates on cost engineering deliverables, value opportunities, and realized savings outcomes.
• Communicate complex financial and technical information clearly to both technical and non-technical audiences.
• Facilitate workshops, trainings, and alignment sessions with Category Teams and suppliers.

5. Continuous Improvement & Market Insights

• Identify and implement best practices to enhance cost estimation, benchmarking, and savings validation processes.
• Stay informed of market trends, economic indicators, and industry benchmarks impacting cost structures.
• Benchmark against industry standards and propose improvements to internal processes and methodologies.

Key Deliverables

• Cost Models (TCO, Should-Cost, Indexation, Benchmarking)
• Validated Realized Savings entries and governance documentation
• Business Value Opportunity reports
• Category presentations, training materials, stewardship updates
• Azure capacity updates
• SharePoint Business Value Tracker and Realized Savings Tracker updates
• Insights for category strategies and business reviews

Process Improvement documentation

Key Performance Indicators (KPIs)

• Business Value Opportunities Identified ($)
• Business Value Opportunities Booked ($)
• Validated Realized Savings ($)
• Cost Engineering Deliverables (#)
• Identified vs. Booked Savings (%)
• Timeliness & accuracy of reporting

Qualifications & Experience

• Bachelor’s degree in Engineering, Business, Finance, or related field (Master’s preferred).
• 5+ years of experience, including at least 2 years in costing, financial analysis, or analytical roles.
• Strong understanding of cost estimation methods, financial analysis, and procurement processes.
• Demonstrated experience with project management and delivering cross-functional initiatives.

Oil & Gas / Energy industry experience preferred.

Technical & Analytical Skills

• Cost estimation and financial modeling
• Data analytics (Tableau, PowerBI, SQL, SharePoint)
• Benchmarking and market analysis
• Strong problem-solving and quantitative skills
• High accuracy and attention to detail

Communication & Interpersonal Skills

• Clear verbal and written communication
• Ability to influence and align stakeholders
• Strong relationship management
• Ability to handle multiple priorities and deadlines
• Experience training or mentoring others

Additional Attributes

• Market awareness and ability to interpret economic trends
• Adaptability to evolving business needs
• High integrity, ethics, and compliance orientation

Ability to travel as required

Job Group Capability

Procurement

Job Group

Strategic Sourcing

Job Role Description

This role supports Category Management and Cost Engineering activities by performing routine data analysis, developing simple cost models, and promoting integration of fundamental cost intelligence tools into category strategy development. The position combines analytical skills with procurement knowledge to facilitate category work, identify opportunities, optimize costs, and enhance decision-making processes

Job Role Responsibilities

- Perform basic data analysis in support of Category Management activities
- Business Analyst - Business Value administration, miscellaneous data analysis
- Associate Cost Engineering:
- Provide basic cost intelligence, insights, opportunity identification
- Develop basic cost models reflecting purchase should cost, cost breakdown, and total cost of ownership (TCO)
- Integrate tools, cost engineering methods, and benchmarking approaches into category management teams

Functional Skills

Sourcing Economics & Cost Modeling

Opportunity & Market Identification

Nothing herein is intended to override the corporate separateness of local entities. Working relationships discussed herein do not necessarily represent a reporting connection, but may reflect a functional guidance, stewardship, or service relationship. 

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