Project Cost Controller Job Description
A Bachelor's Degree in Cost Controller Accounting, Certified Cost Controllers, Earned Value Management for Project Success, The Pay and Career Opportunities of Cost Controllers and more about project cost controller job. Get more data about project cost controller job for your career planning.
- A Bachelor's Degree in Cost Controller Accounting
- Certified Cost Controllers
- Earned Value Management for Project Success
- The Pay and Career Opportunities of Cost Controllers
- Project Controllers: AACE International
- Project Controllers: A Generalization of the Conceptual Approach to Project Control
- The Cost Controller for Projects
- ProjectManager.com: A cloud-based project management tool
- How to Recertify for the CCT Exam
- Accurate Cost Estimation
- Controlling Costs in Project Delivery
A Bachelor's Degree in Cost Controller Accounting
A bachelor's degree is often required for most positions as a cost controller, and it is often done in addition to work experience in the industry in which you are applying. There are some positions that may be available to applicants with no college degree who have experience in management, finance or accounting.
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Certified Cost Controllers
Cost controllers usually have a bachelor's degree in finance or related industry in which they work, but not an absolute requirement. A degree in construction management is a requirement for a cost controller in the construction industry. If you have a degree, you can take a voluntary certification such as the Certified Cost Technician CCT or the higher-level Certified Cost Professional CCP, both of which are offered by the Association for advancement of Cost Engineering.
Many employers will insist that you hold a certification since it shows that you have advanced skills and knowledge in cost control Cost controllers specialize in a particular industry. Cost controllers work mostly in offices, but some visit construction sites, factories and oil rigs when they're on a project.
Earned Value Management for Project Success
You need to master many skills to be an excellent cost controller. If you read AACE International's Recommended Practice on Required Skills & Knowledge of Cost Engineering, you will find a lot of skills and knowledge areas for a Cost Controller. The budget allocation is a way that everyone in the project is charging their time against one line, one number, and the project number.
There was no budget allocation. The client felt something was not right after six months of the project being executed. The expenditures were rising and the client didn't know what was happening
They went back to the Project Control team to get accurate cost performance reports and cost forecasts. The budget allocation was not done from the beginning. Everyone was charging against one item, and there was no way to measure the cost performance.
Project control leads were assigned to the project to fix the issue. How could they fix a budget allocation and cost monitoring issue that could have been fixed earlier in the project? Nothing can be fixed in the middle of a project.
Earned Value Management is a very powerful tool for measuring, monitoring, and forecasting the cost and schedule status and performance. If you can implement earned value correctly in projects, you can have more accurate forecasts. Earned Value Management for Project Success is an advanced level training in Earned Value Management where you experience implementing Earned Value Management on a sample project from its conception to completion and learn the best practices and tips in every step of the process.
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The Pay and Career Opportunities of Cost Controllers
Cost controllers have different salary levels depending on their industry, company size, and educational credentials. The Bureau of Labor Statistics reports that the median wage of cost accountants was $63,550 in 2012 with the bottom 10 percent earning less than $38,930 and the top 10 percent earning more than $111,510. The compensation for experienced cost controllers is higher.
The report shows that the median wage for financial managers was $109,970 in 2012 Career growth opportunities for a cost controller are dependent on a number of factors. After five years, an experienced and competent cost controller can move to a senior role, such as finance director, chief financial officer or group controller.
Project Controllers: AACE International
Project controllers are responsible for working within all stages of project management. Their primary role is to work with project managers to make sure that budgeting, scheduling and coordination processes run smoothly. They monitor the progress of a project to make sure it is working within the confines of the budget and deadlines.
Project controllers make suggestions for improvements to project operations. Project controllers are employed in all industries. Project controllers constantly monitor and evaluate each step of a project to ensure that it is meeting budget and deadline goals.
They report to project managers to discuss the progress of each project and to discuss staffing needs, schedule changes, and scope adjustments. Project controllers focus on budgeting and scheduling. Project controllers are in charge of setting a budget and setting task schedules.
Project controllers should be able to use accounting software to assist in setting and monitoring costs of a project with budget creation and monitoring a major task. AACE International has online learning tools. AACE International has a lot of resources for project managers.
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Project Controllers: A Generalization of the Conceptual Approach to Project Control
A project controller or a project controller analyst works to control a project from start to finish. Project controllers deal with budgeting, limitation, and scheduling to make sure the project runs smoothly. Project controllers are found in almost all industries.
They work with Project Managers to help identify or define a project's aims and objectives, and then create a financial schedule to ensure that the project runs as planned. Project controllers specialize in a certain role such as budgeting, scheduling, or monitoring. There are project controllers who monitor the quality of the processes, while others monitor the costs and financing of the company.
Without project controllers, it would not be possible to assess the success of a project. Project control is a subset of Project Management and is focused on managing project cost and schedule, while Project Management refers to the overall support, control, scheduling, and monitoring of an entire project. Project controllers are often needed industries such as IT experts, Computer scientists, and Engineers, Architects, Construction Managers, and many more.
They are required to have general knowledge of the company they work for. Having a business and financial knowledge is important. The controllers are familiar with the common programming languages and project management systems.
The Cost Controller for Projects
The cost controller is responsible for the development and implementation of project cost control reporting systems. The cost controller is responsible for keeping track of all cost activities.
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ProjectManager.com: A cloud-based project management tool
Project controls are about controlling the project and keeping it under control. Project controls are always a way to complete a successful project and deliver benefits to cost, time and performance. Project controls are a set of tools, processes and people skills that are used together to help project managers have the right information at the right time to make the right decision.
Project controls are the mechanism that keeps a project on schedule when planning and executing. It works throughout the entire life cycle of a project. Project controls professionals are responsible for the project manager, but they also touch the entire project team.
Project controls help guide the project manager on making decisions. The scope of project controls is large and should be seen as important. The project manager is supposed to control the project from the beginning to the end.
Project controls are part of the job title and are used to manage. They help with the reporting of the project plan. The faster one can identify when a project is off-track, the better the project controls are.
Project controls help to identify risks to the project cost and schedule. Project controls are used to identify problems and bottlenecks. Project controls are needed to breakdown hours worked against budget and see where problems are and how to fix them.
How to Recertify for the CCT Exam
You need to re-certify every three years after you pass the CCT exam. You need 12 Continuing Education Units or CEUs in a 3-year period to recertify. The CCT certification is easier to obtain than the CCP certification.
You need to have four years of Cost Management experience in addition to four years of a college or a degree to be considered for this. You need eight years of experience in Cost Management if you don't have a college degree. You need to write a technical paper on cost management for AACE before you can sit for the exam.
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Accurate Cost Estimation
Accurate cost estimates are required for successful projects. Cost estimates help you to achieve project objectives within the approved timelines and budget. Estimators use defined techniques to create cost estimates that are used to assess the financial feasibility of projects, to budget for project costs, and to monitor project spending.
An accurate cost estimate is important for a number of reasons, including deciding whether to take on a project, determining a project's scope, and ensuring that projects remain financially feasible and avoid cost overruns. An order of magnitude estimate is a rough cost estimate that was created before a project was defined. It is based on the expert's judgement and the costs of similar projects.
A range of costs is presented as an order of magnitude estimate. % to 75. The actual cost is divided by the %.
When a project is limited, an intermediate estimate can be created using a technique called a stochastic or a parametric one. The main purpose is to determine project feasibility based on the general project concept. A preliminary estimate is created when the project deliverables are not yet complete.
Preliminary estimates are accurate enough to be used for project financing. The project budgets are authorized based on the estimate. A definitive estimate is drafted when the scope and tasks are almost complete.
Controlling Costs in Project Delivery
Performance indicators for projects include cost. The project can be completed within the approved budget if the processes involved in controlling costs are included.
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