The Cost Engineer III independently leads cost engineering and cost-control activities for complex construction projects or a defined portion of the project portfolio. The position is accountable for developing reliable project forecasts, evaluating cost and productivity performance, identifying emerging risks and opportunities, and converting project data into practical recommendations that support informed decisions and successful project execution.
The position works closely with Project Managers, Construction Managers, Superintendents, Schedulers, Procurement, Accounting, and leadership to integrate cost forecasts with project progress and execution plans. The Cost Engineer III owns assigned cost-engineering deliverables and partners with the Scheduling group on progress, schedule status, and time-phased impacts without assuming ownership of schedule development or maintenance.
The role applies industry-recognized practices informed by AACE International, the Project Management Institute (PMI), and Construction Industry Institute (CII) research, while placing primary emphasis on practical construction experience, sound judgment, and demonstrated competency. The Cost Engineer III also provides technical guidance, peer review, and mentoring to less-experienced project controls personnel.
Accountable For (owns the assigned outcome)- Leads the development, maintenance, and control of project budgets, cost baselines, Cost Breakdown Structures, cost codes, and alignment with the project Work Breakdown Structure for assigned complex projects or portfolio scope.
- Owns and critically reviews Estimate at Completion, Estimate to Complete, cash flow, and expenditure forecasts by reconciling actual, committed, accrued, forecasted, and remaining costs and validating underlying assumptions.
- Analyzes cost variances, productivity performance, cost trends, forecast assumptions, and potential exposures; develops clear recommendations and supports timely corrective action.
- Owns assigned cost trend and change-control records, including approved and pending changes, potential scope growth, contingency use, cost transfers, claims, and forecast impacts.
- Validates reported progress and forecast assumptions through review of field conditions, installed quantities, labor productivity, remaining scope, procurement status, and construction execution plans.
- Applies earned value, quantity-based progress, productivity analysis, milestone measurement, or other performance measurement methods appropriate to project size, contract model, and complexity.
- Identifies, assesses, and quantifies cost risks and opportunities associated with schedule changes, labor productivity, material escalation, engineering changes, procurement challenges, market conditions, and execution strategy.
- Prepares and presents accurate project and executive-level cost reports, dashboards, variance narratives, and forecast recommendations; supports project reviews, reporting cycles, and financial close activities.
Leads and Influences (authority through expertise, analysis, and partnership)- Partners with the Scheduling group to align cost forecasts with schedule status, progress measurement, labor plans, equipment utilization, subcontract performance, recovery plans, and milestone impacts. Schedule development, logic, and maintenance remain with Scheduling.
- Advises project management, construction, procurement, accounting, estimating, subcontractors, vendors, and clients on cost issues, forecast implications, and practical alternatives to improve project outcomes.
- Constructively challenges forecast assumptions and communicates unresolved cost exposure or data-quality concerns to project and Project Controls leadership.
- Provides technical guidance, peer review, coaching, and mentoring to less-experienced cost engineering and project controls personnel.
- Promotes consistent use of project controls standards, systems, templates, and procedures and contributes lessons learned and practical continuous-improvement recommendations.
- Performs other duties as assigned in support of project and organizational objectives.
Required Education and Experience- Bachelor's degree in Engineering, Construction Management, Project Management, Finance, Accounting, Business, or a related field. An equivalent combination of education, training, and relevant industry experience will be considered.
- Minimum seven years of progressively responsible experience in cost engineering, project controls, construction cost management, estimating, project management, or a related discipline.
- Demonstrated experience independently developing and defending forecasts, analyzing complex project performance, managing change impacts, quantifying cost risks and opportunities, and advising project teams on actions to meet financial objectives.
- Experience integrating cost forecasts with schedule progress, field productivity, procurement status, and construction execution plans.
Preferred Experience- Experience supporting industrial construction, power generation, utility, engineering-procurement-construction, manufacturing, or heavy industrial projects.
- Experience independently supporting a large or complex project, multiple concurrent projects, or a defined project portfolio.
- Experience with project controls, cost-management, enterprise-resource-planning, and business-intelligence systems such as InEight, Primavera P6, Power BI, SAP, Oracle, Microsoft Dynamics, EcoSys, or similar platforms.
- Professional certification from AACE International, PMI, or another recognized construction, engineering, project controls, or project management organization. Practical experience and demonstrated competency remain the primary qualifications.
Skills and Business Competencies- Advanced knowledge of construction cost management, budgeting, forecasting, change management, risk analysis, productivity measurement, contingency management, and project financial controls.
- Ability to interpret schedule status and progress information and translate changes into cost and forecast impacts while maintaining effective alignment with the Scheduling group.
- Advanced Microsoft Excel and data-analysis skills, including financial modeling, pivot tables, trend analysis, and management reporting.
- Strong analytical judgment and professional confidence to identify trends, challenge assumptions constructively, explain complex findings clearly, and recommend practical action.
- Ability to work independently, prioritize competing requirements, and maintain accuracy in a deadline-driven project environment.
- Effective written, verbal, and presentation skills with the ability to communicate with field teams, project leadership, clients, and executive stakeholders.
- Ability to coach and mentor less-experienced team members and promote consistent project controls practices.
- Working familiarity with recognized industry practice informed by CII, AACE International, and PMI.
Working Conditions- ☒ Domestic travel required - periodic travel to project and client locations based on assignment
- International travel required - as required by project assignment
- ☒ Typical office setting
- ☒ Active construction site environment, subject to site-specific PPE and safety requirements
Physical Requirements: Must be able to access active construction sites, including walking uneven terrain and climbing stairs or ladders in accordance with site safety requirements.
