Cost Specialist

At BP, we are seeking a highly skilled and detail-oriented Cost Specialist to join our team. In this role, you will play a crucial part in managing the financial aspects of our projects, ensuring cost efficiency and accuracy. We are looking for an individual who is passionate about cost analysis and has a strong understanding of financial principles. If you are a strategic thinker with excellent analytical skills and a knack for problem-solving, we want to hear from you. Join us at BP and be a part of our mission to deliver sustainable energy solutions.

1. Manage project costs: The Cost Specialist will be responsible for overseeing and managing the financial aspects of our projects. This includes tracking and monitoring project expenses, ensuring cost efficiency, and identifying any potential cost-saving opportunities.
2. Conduct cost analysis: The Cost Specialist will be responsible for conducting thorough cost analysis to identify areas where costs can be reduced without compromising quality. This may involve reviewing project budgets, analyzing data, and creating cost projections.
3. Ensure accuracy: Accuracy is crucial in managing project costs, and the Cost Specialist will be responsible for reviewing and verifying all financial data to ensure accuracy. This includes comparing actual costs to budgeted costs and identifying any discrepancies.
4. Develop cost-saving strategies: The Cost Specialist will be expected to proactively identify and implement cost-saving strategies to optimize project spending. This may involve negotiating with vendors, finding alternative suppliers, or streamlining processes.
5. Collaborate with cross-functional teams: The Cost Specialist will work closely with project managers, finance teams, and other stakeholders to gather and analyze cost data. They will also collaborate with these teams to develop and implement cost-saving initiatives.
6. Stay updated on financial principles: As a Cost Specialist, it is essential to stay updated on financial principles and industry best practices. This may involve attending training programs, conferences, or workshops to enhance knowledge and skills in cost management.
7. Monitor project budgets: The Cost Specialist will be responsible for monitoring project budgets throughout the project's lifecycle. This includes tracking expenses, identifying potential budget overruns, and taking necessary measures to control costs.
8. Prepare cost reports: The Cost Specialist will be responsible for preparing timely and accurate cost reports for project stakeholders. These reports may include cost forecasts, variance analysis, and recommendations for cost-saving strategies.
9. Identify risks: The Cost Specialist will be responsible for identifying potential financial risks and providing recommendations to mitigate them. This may involve conducting risk assessments, creating contingency plans, and ensuring compliance with company policies and procedures.
10. Uphold company values

According to JobzMall, the average salary range for a Cost Specialist in Pune, Maharashtra, India is between ₹ 4,00,000 to ₹ 8,00,000 per year. This can vary depending on factors such as the company, level of experience, and specific job responsibilities. Salaries may also be higher for candidates with additional qualifications or specializations in cost management.

BP Plc is an integrated oil and gas company that provides customers with fuel for transportation, energy for heat and light, lubricants to keep engines moving, and the petrochemicals products used to make everyday items as diverse as paints, clothes and packaging. It operates through two segments: Upstream and Downstream. The Upstream segment markets and trades natural gas, including liquefied natural gas, power and natural gas liquids and is responsible for its activities in oil and natural gas exploration, field development and production, and midstream transportation, storage and processing. The Downstream segment is responsible for the refining, manufacturing, marketing, transportation, and supply and trading of crude oil, petroleum, petrochemicals products and related services to wholesale and retail customers.