Project Cost Analyst - Project Cost Analyst Sr

American Electric Power • New Albany, OH

19h • Onsite

About The Position

This role will be responsible for coordinating project cost analysis and controls for team activities supporting the Project Managers (PMs), or other staff, including overseeing the cost reporting for multiple projects and monitoring project budgets to assure accurate depiction of project cost on intermediate projects under some supervision. Responsibilities include input of budgets within the AEP corporate systems, providing ongoing forecast updates and variance analysis at the program and project levels, input and tracking of key performance indicators, and working collaboratively with project teams to implement project management best practices throughout the project lifecycle. Provides communication and develops partnerships with internal and/or external customers. As an experienced member of the team, expectations include conducting training, supporting continuous process improvement efforts and developing tools and processes utilized within the work group. Responsible for the creation of work orders and having direct interface in coordinating with external contractors and vendors to integrate these parties into the overall project budget and schedule. What you’ll do: Assist estimating staff in assessing and comprehending actual costs in relation to estimated costs throughout the Project Lifecycle Management Process. Develop and demonstrate an economic and business acumen with an understanding of the engineering & design, construction, procurement, contracting, estimating, and startup procedures and processes Responsible for analyzing and comparing estimated costs against actual costs to identify cost drivers and variances. This will involve data collection, financial modeling, and reporting to support decision-making processes. Lead and manage projects associated with Capital Improvement (CI) Revision process within the Estimating department, providing guidance to project management on obtaining new or revised estimates for funding requirements and creating cost drivers to be shared with leadership. Regulatory Support and Compliance: Collaborate with regulatory staff to perform actual vs. estimate cost analyses for rate cases, ensuring accurate regulatory filings while supporting strategic initiatives and process improvement efforts across the organization. Key contributor in implementing a robust cost feedback loop that enhances cost efficiency and drives strategic decision-making using data tools, KPIs, and dashboards. Conduct cost-benefit analyses and financial modeling to evaluate the feasibility of projects and support decision-making processes. Develop an understanding of the risk on capital projects. Work with Risk Management team, Estimators, and PMT to assign costs to identify risks on projects. Support decision making process for leadership based on analyzing financial data, collaborating with cross-functional teams, and providing actionable insights to optimize operational costs. Reporting and Analysis: Deliver actuals reporting services to estimators and external teams, facilitating comprehensive estimate vs. EAC analysis to identify cost drivers and support project management decisions. Evaluate contractor bids to provide input to estimating admin (team responsible for maintaining construction labor rates within estimating application) and project management. Provide training and guidance to lower-level employees as appropriate. Ability to mentor, develop, and guide lower-level analysts through a training plan if appointed as mentor/trainer by management. Train and learn to use estimating application within the department Interface with various departments within AEP (Project Management/Engineering/Regulatory/Procurement/Project Controls/Financial Controls/Business Operations/Construction Management/Engineering Standards).

Requirements

• Project Cost Analyst SG6 Education: Education requirement is dependent upon experience as indicated below. Qualified degrees must be in a related field from an accredited university or college and could include Accounting, Business, Construction Management, Engineering, Technology, or Project Management. With a High School Diploma or GED, four (4) years' experience as a Project Cost Analyst Associate (grade 005). With a qualified Associate's degree, three (3) years' qualified experience. With a qualified Bachelor's degree, one (1) year of qualified experience.
• Project Cost Analyst SG7 Education: Education requirement is dependent upon experience as indicated below. An Associate's degree or higher is required. Qualified degrees must be in a related field from an accredited university or college and could include Accounting, Business, Construction Management, Engineering, Technology, or Project Management. With a High School Diploma or GED, four (4) years' experience as a Project Cost Analyst (grade 006). With a qualified Associate's degree, six (6) years' qualified experience. With a qualified Bachelor's degree, four (4) years' qualified experience required.
• Qualified experience includes utility specific operations knowledge/experience with a good working knowledge of work processes and procedures. Experience should be in design, operations, planning, project management, cost tracking analysis, forecasting, project budgets, working with accounting principles, and/or construction or maintenance of systems and/or equipment.
• Demonstrate ability to manage time effectively and efficiently and demonstrate organizational and planning skills, as well an aptitude for accuracy, attention to detail and ability to achieve goals.
• Demonstrates a basic level of technical knowledge related to writing and verbal communication.
• Proficient in use of computer and Microsoft Office products including Word, Excel, Outlook and PowerPoint.
• Team player with ability to work and collaborate well with others.
• Safely and effectively perform light physical duties at various work sites including home and AEP locations in varying conditions.
• Understand and support the policies, values, principles, structure and behavior of AEP.

Nice To Haves

• A professional or trade certification such as a CCMP, CETa, IQCP, PMP, RMP, etc. is not required at this level. A certification is required to progress to the Principle (grade 008) level of this job family if you have a high school diploma/GED or non-qualified higher education degree. Otherwise, a certification is preferred at the Principle level.
• A professional certification is preferred.
• Some travel, including overnight, may be required but minimal
• Exposure to corporate accounting and project cost management systems, construction environments, earned value management, and scheduling systems is preferred but not required.

Responsibilities

• Coordinating project cost analysis and controls for team activities supporting the Project Managers (PMs), or other staff
• Overseeing the cost reporting for multiple projects and monitoring project budgets to assure accurate depiction of project cost on intermediate projects under some supervision
• Input of budgets within the AEP corporate systems
• Providing ongoing forecast updates and variance analysis at the program and project levels
• Input and tracking of key performance indicators
• Working collaboratively with project teams to implement project management best practices throughout the project lifecycle
• Providing communication and develops partnerships with internal and/or external customers
• Conducting training, supporting continuous process improvement efforts and developing tools and processes utilized within the work group
• Responsible for the creation of work orders and having direct interface in coordinating with external contractors and vendors to integrate these parties into the overall project budget and schedule
• Assist estimating staff in assessing and comprehending actual costs in relation to estimated costs throughout the Project Lifecycle Management Process
• Responsible for analyzing and comparing estimated costs against actual costs to identify cost drivers and variances
• Lead and manage projects associated with Capital Improvement (CI) Revision process within the Estimating department, providing guidance to project management on obtaining new or revised estimates for funding requirements and creating cost drivers to be shared with leadership
• Collaborate with regulatory staff to perform actual vs. estimate cost analyses for rate cases, ensuring accurate regulatory filings while supporting strategic initiatives and process improvement efforts across the organization
• Key contributor in implementing a robust cost feedback loop that enhances cost efficiency and drives strategic decision-making using data tools, KPIs, and dashboards
• Conduct cost-benefit analyses and financial modeling to evaluate the feasibility of projects and support decision-making processes
• Develop an understanding of the risk on capital projects
• Work with Risk Management team, Estimators, and PMT to assign costs to identify risks on projects
• Support decision making process for leadership based on analyzing financial data, collaborating with cross-functional teams, and providing actionable insights to optimize operational costs
• Deliver actuals reporting services to estimators and external teams, facilitating comprehensive estimate vs. EAC analysis to identify cost drivers and support project management decisions
• Evaluate contractor bids to provide input to estimating admin (team responsible for maintaining construction labor rates within estimating application) and project management
• Provide training and guidance to lower-level employees as appropriate
• Train and learn to use estimating application within the department
• Interface with various departments within AEP (Project Management/Engineering/Regulatory/Procurement/Project Controls/Financial Controls/Business Operations/Construction Management/Engineering Standards)

Benefits

• In addition to a competitive compensation, AEP offers a unique comprehensive benefits package that aims to support and enhance the overall well-being of our employees.

What This Job Offers

• Job Type: Full-time
• Career Level: Entry Level
• Education Level: Associate degree