Project Cost Control Analyst

Title: Project Cost Controls Analyst

Location: Chicago, IL 60601 USA

Duration: 12 Months

Hybrid --- Tuesday, Wednesday & Thursday --Onsite / Monday & Friday –Remote

Position Summary:

The Project Controls Cost Analyst is responsible for providing financial oversight, cost tracking, and analysis to support the successful delivery of capital construction projects. This role ensures that project budgets, forecasts, and expenditures are accurately maintained and reported, supporting effective decision-making and compliance with capital construction governance and financial controls.

Key Areas of Responsibility

Financial Oversight – Develop, monitor, and maintain project cost baselines, budgets, and forecasts in coordination with Project Managers and the Central Project Controls team.

Cost Tracking and Analysis – Track actual costs, commitments, and accruals; analyze cost variances and trends; and identify potential overruns or savings opportunities.

Reporting and Forecasting – Prepare regular cost reports, dashboards, and variance analyses for project and program leadership to support governance and performance tracking.

Governance and Compliance – Ensure all financial activities align with PMO cost control procedures, reporting standards, and regulatory requirements.

Cross-Functional Coordination – Collaborate with Finance, Engineering, Supply Chain, and Construction to ensure cost data is accurate, up to date, and fully integrated with scheduling and project controls systems.

Risk Management – Identify financial risks, forecast deviations, and anomalies early, and recommend corrective actions to maintain cost control and budget adherence.

Earned Value Management – Support integration of cost and schedule data to produce earned value metrics and performance indices that reflect project health.

Change Management Support – Evaluate cost impacts associated with scope changes, contractor claims, and field modifications, ensuring proper documentation and approval.

Audit and Governance Support – Participate in audits, financial reviews, and governance meetings to ensure accountability and transparency across all financial processes.

Continuous Improvement – Contribute to the enhancement of cost control tools, templates, and procedures, promoting efficiency, accuracy, and standardization across the PRP.

Qualifications:

Education: Bachelor’s degree in Finance, Accounting, Engineering, Construction Management, or related field;

Experience: 3–5 years in cost control, project controls, or financial management in utilities, energy, or infrastructure. Experience in regulated industries preferred.

In lieu of education requirements, 7-10 years’ work experience is acceptable.

Skills and Knowledge

Strong understanding of cost control principles, budgeting, forecasting, and variance analysis.

Familiarity with PMO governance and earned value management.

Proficient in cost management systems (SAP, Maximo, Estimating Tool) and scheduling tools (Primavera P6).

Skilled in financial reporting and risk identification.

Effective communicator with technical teams, executives, and regulators.

Stakeholder Satisfaction: Positive feedback from Project Managers, Finance, and leadership.