Cost management

The process of planning, monitoring and adjusting the expenses and revenues of a business in order to achieve cost efficiency and capability.

managing cost
cost oversight
cost monitoring
cost managing
managing costs
cost supervision

knowledge

sector-specific

Cost management is an essential knowledge of the following occupations:

Foundry manager: Foundry managers coordinate and implement short and medium term casting production schedules, and coordinate the development, support and improvement of casting processes, and the reliability efforts of the maintenance and engineering departments. They also partner with ongoing remediation initiatives.
Branch manager: Branch managers are responsible for the management of all the affairs related with a company in a specific geographic region or business branch. They receive indications from the headquarters, and depending on the structure of the company, they aim to implement the strategy of the company while adapting it to the market where the branch operates. They envision management of employees, communications, marketing efforts, and follow up to results and objectives.
Quantity surveyor: Quantity surveyors have under their helm complete management of the cost involved in building and construction projects from the inception of the project until the delivery. They strive for an efficient use of the resources whilst keeping an eye on quality, quality standards, and client’s requirements.
Manufacturing cost estimator: Manufacturing cost estimators collect and analyse data to evaluate the money, materials, labour and time required for manufacturing processes. They conduct analyses to identify (alternative) cost effective technical designs and production processes. They develop and use methods and tools for cost planning, controlling and analysis. They also perform quantitative and qualitative risk analyses and report on the development of costs.
Raw materials warehouse specialist: Raw materials warehouse specialists organise and monitor the reception and storage of raw materials in the warehouse according to the required conditions. They monitor the stock levels.
Budget manager: Budget managers assess financial proposals of different departments before granting financial resources to projects. They monitor the implementation of budget policies and procedures. They work closely with other departments in the evaluation of programs, their impact in the organisation, the revenue that they can yield, and the financial efforts required.
Metallurgical manager: Metallurgical managers coordinate and implement short and medium term metallurgical or steel-making production schedules, and coordinate the development, support and improvement of steel-making processes, and the reliability efforts of the maintenance and engineering departments. They also partner with ongoing remediation initiatives.
Business manager: Business managers are responsible for setting the objectives of the business unit of a company, creating a plan for the operations, and facilitating the achievement of the objectives and implementation of the plan together with employees of the segment and stakeholders. They keep an overview of the business, understand detailed information of the business unit and support the department, and make decisions based on the information at hand.
Installation engineer: Installation engineers oversee and manage the installing of structures, which take often many years to design and construct. They ensure safety, avoid risks and they aim to the optimalisation of costs. Installation engineers also create constructive designs of systems and perform installation system testing. They determine the material needed for the construction of these systems and the costs, and use CAD software to design these systems.    
Office manager:
Office managers oversee the administrative work that clerical workers are commissioned to perform in various types of organisations or associations. They perform micromanagement and maintain a close view of administrative processes such as such as controlling correspondence, designing filing systems, reviewing and approving supply requisitions, assigning and monitoring clerical functions. They report to managers within the same department or to general managers in companies, depending on their size.
Specialised goods distribution manager: Specialised goods distribution managers plan, coordinate and manage the distribution of specialised goods to various points of sales. They oversee employees and ensure that operations run efficiently such as the storage, transportation and delivery of specialised goods.
Leather raw materials purchasing manager: Leather raw materials purchasing managers plan and purchase supplies of hides, skins, wet-blue or crust in coordination with the production requirements. They negotiate processes and forecast the levels of demand for products to meet business needs and keep constant check on stock levels and quality to maximise business efficiency. They identify potential suppliers, visit existing suppliers, and develop business relationships with them.
Cost analyst: Cost analysts prepare regular costs, budgeting analyses and reports in order to contribute to the overall cost planning and forecasting activities of a business. They review and reconcile key balance sheets and identify new opportunities to save costs.
Medical practice manager: Medical practice managers manage the day-to-day operations of a medical practice. They oversee the staff and business side of the practice.
Move manager: Move managers coordinate all the resources and activities comprised in moving services. They work together with clients to define the requirements of the service and adapt it to their demands. They manage communication with shipping companies, planners, and movers to assure compliance, business efficiency, and client satisfaction.
ICT product manager: ICT product managers analyse and define current and target status for ICT products, services or solutions. They estimate the cost effectiveness, points of risk, opportunities, strengths and weaknesses of products or services provided. ICT product managers create structured plans and establish time scales and milestones, ensuring optimisation of activities and resources.
ICT environmental manager: ICT environmental managers know the green ICT legal framework, understand the role of the ICT network configurations in the economy and energy resources deployment and evaluate the impact of CO2 footprint of each ICT resource in the organisation’s network. They plan and manage the implementation of environmental strategies for ICT networks and systems by conducting applied research, developing organisational policy, and devising strategies to meet sustainability targets. They ensure that the whole organisation uses ICT resources in a way that is as friendly as possible for the environment.

Legal service manager: Legal service managers oversee the general management of a legal service office. They not only strive for the highest efficiency and effectiveness when delivering legal services and advice, but they also coordinate a team of legally trained professionals. They manage different profiles of clients and adjust the legal services to their needs.

Category manager: Category managers define the sales programme for specific product groups. They research market demands and newly supplied products.

Construction manager: Construction managers are responsible for the planning and coordination of the construction projects. They provide expertise in the design phase of construction projects by facilitating a better estimate of the costs and the functional implications. They participate on bid processes for construction projects and handle subcontractors to deliver the different stages of the construction process from beginning to completion. They strive to enhance the value of the projects both improving efficiency and creating value for customers.

Cost management is optional for these occupations. This means knowing this knowledge may be an asset for career advancement if you are in one of these occupations.

Insulation supervisor: Insulation supervisors monitor insulation operations. They assign tasks and take quick decisions to resolve problems.
Performance production manager: Performance production managers take care of a range of practical issues concerning the production. They deal with matters ranging from the recruitment of staff, procurement of materials and services, to freight, customs coordination, telecommunications, labor relations, logistics, information technology, government liaison, venue booking, scheduling, operations management, mending delay problems and workplace safety.
Bricklaying supervisor: Bricklaying supervisors monitor bricklaying activities. They assign tasks and take quick decisions to resolve problems.
Bridge construction supervisor: Bridge construction supervisors monitor the construction of bridges. They assign tasks and take quick decisions to resolve problems.
Plumbing supervisor: Plumbing supervisors monitor plumbing operations. They assign tasks and take quick decisions to resolve problems.
Construction general supervisor: Construction general supervisors keep track of the proceedings of all stages in the building process. They coordinate the different teams, assign tasks, and resolve problems.
Civil engineering technician: Civil engineering technicians help design and execute construction plans and take on organisational tasks, for example in the planning and monitoring, and in bidding and invoicing of construction work. They also calculate material requirements, and help with the purchasing and organising, and ensure the quality of the construction materials. Civil engineering technicians may perform technical tasks in civil engineering and develop and advise on policy implementing strategies for road works, traffic lights, sewerage and water management systems.
Product development manager: Product development managers coordinate the development of new products from beginning to end. They receive briefings and start envisioning the new product considering design, technical and cost criteria. They conduct research on market needs and create prototypes of new products for untapped market opportunities. Product development managers also improve and boost technological quality.
Tiling supervisor: Tiling supervisors monitor tile fitting operations. They assign tasks and take quick decisions to resolve problems.
Paperhanger supervisor: Paperhanger supervisors monitor the hanging of wallpaper. They assign tasks and take quick decisions to resolve problems.
Power lines supervisor: Power lines supervisors monitor the construction and maintenance of power lines and associated equipment. They assign tasks and take quick decisions to resolve problems.
Concrete finisher supervisor: Concrete finisher supervisors monitor the concrete finishing process. They assign tasks to finishers and take quick decisions to resolve problems. They may also pass on their skills to apprentices.
Rail construction supervisor: Rail construction supervisors monitor the construction and maintenance of railway infrastructure. They assign tasks, either on the ground or from a control room, and make quick decisions to resolve problems.
Sewer construction supervisor: Sewer construction supervisors supervise the installation of sewer pipes and other sewage infrastructure. They assign tasks and make quick decisions to resolve problems.
Lift installation supervisor: Lift installation supervisor monitor the installation of lifts. They keep an overview of the proceedings, assign tasks, and take quick decisions to resolve problems.
Construction scaffolding supervisor: Construction scaffolding supervisors plan and supervise the transport, assembly, disassembly and maintenance of the structures. They also ensure the safety of the scaffolds, support structures, access ladders and fenders.
Financial manager: Financial managers handle all the matters in reference to the finance and investments of a company. They manage financial operations of companies such as the assets, liabilities, equity and cash flow aiming to maintain the financial health of the company and operative viability. Financial managers evaluate the strategic plans of the company in financial terms, maintain transparent financial operations for taxation and auditing bodies, and create the financial statements of the company at the end of the fiscal year.
Wood technology engineer: Wood technology engineers develop materials and components made of wood, construct production facilities and control and monitor the production. They also examine products and materials and advise customers.
Plastic and rubber products manufacturing supervisor: Plastic and rubber products manufacturing supervisors manage and coordinate the activities of personnel involved in plastic or rubber products manufacturing, making sure the production is efficiently, safely and cost-effectively processed. They are responsible for the installation of new production lines and for the provision of trainings.
Industrial robot controller: Industrial robot controllers operate and monitor industrial robots used in automation processes to perform various manufacturing activities such as lifting, welding and assembling. They ensure that the machines are working correctly and in sync with other industrial robots, maintain and repair defective parts, assess risks and perform tests.
Dismantling supervisor: Dismantling supervisors monitor the operations involved in dismantling activities such as removing and possibly recycling industrial equipment and machinery or decommissioning of plants. The distribute the task among workers and supervise if everything is done according to safety regulations. If problems arise they consult with engineers and take quick decisions to resolve problems.
Cultural facilities manager: Cultural facilities managers direct the operations of facilities that provide cultural services such as theatre, movies and music. They plan and organise the daily operations of the related staff and facilities and ensure the organisation follows the latest developments in its field. They coordinate the different departments of the facility and manage the correct use of resources, policies and budgets.
Water conservation technician supervisor: Water conservation technician supervisors supervise the installation of systems to recover, filter, store and distribute water from different sources such as rainwater and domestic greywater. They assign tasks and take quick decisions.
Roofing supervisor: Roofing supervisors monitor the work on roofing a building. They assign tasks and take quick decisions to resolve problems.
Construction painting supervisor: Construction painting supervisors plan, direct and oversee the work of the crew of painters assigned to a certain project or location. They supervise and evaluate the work of painters.
Forestry inspector: Forestry inspectors monitor forestry operations to ensure that workers and their activities comply with proper legislation and standards. They perform inspections to examine operations, wages, costs and health and safety measures. Forestry inspectors also analyse and report on their findings.
Marketing manager: Marketing managers carry out the implementation of efforts related to the marketing operations in a company. They develop marketing strategies and plans by detailing cost and resources needed. They analyse the profitability of these plans, develop pricing strategies, and strive to raise awareness on products and companies among targeted customers.
Agricultural inspector: Agricultural inspectors monitor agricultural operations in farms and other agricultural facilities. They inspect activities such as health and safety measures, costs and production processes to ensure that workers and their activities comply with proper legislation and standards. Agricultural inspectors also analyse and report on their findings.
Dredging supervisor: Dredging supervisors monitor dredging operations. They make sure the operation proceeds per regulations and take quick decisions to resolve problems.
Research and development manager: Research and development managers coordinate the efforts of scientists, academical researchers, product developers, and market researchers towards the creation of new products, the improvement of current ones or other research activities, including scientific research. They manage and plan research and development activities of an organisation, specify goals and budget requirements and manage the staff.
Road construction supervisor: Road construction supervisors monitor the construction and maintenance of roads. They assign tasks and take quick decisions to resolve problems.
Terrazzo setter supervisor: Terrazzo setter supervisors monitor terrazzo setting operations. They assign tasks and take quick decision to resolve problems.
Contract engineer: Contract engineers combine technical knowledge of contracts and legal matters with understanding of engineering specifications and principles. They ensure that both parts are aligned in the development of a project and foresee the compliance of all the engineering specifications and matters as defined in contracts.
Carpenter supervisor: Carpenter supervisors monitor carpentry operations in construction. They assign tasks and take quick decisions to resolve problems. They pass their skills on to apprentice carpenters.
Electrical supervisor: Electrical supervisors monitor the operations involved in installing and servicing electricity cables and other electrical infrastructure. They assign tasks and take quick decisions to resolve problems.
Financial analyst:
Financial analysts conduct economic research and elicit valuable analyses on financial matters such as profitability, liquidity, solvency, and asset management. They provide recommendations on financial matters for decision-making processes. Financial analysts work in both the public and the private sector.
Department manager: Department managers are responsible for the operations of a certain division or department of a company. They ensure objectives and goals are reached and manage employees.
Demolition supervisor: Demolition supervisors monitor operations involved in the demolition of buildings and clean up of debris. They take quick decisions to resolve problems.
Product manager: Product development managers are responsible for managing the lifecycle of a product. They research and develop new products in addition to managing existing ones through market research and strategic planning. Product managers perform marketing and planning activities to increase profits.
Structural ironwork supervisor: Structural ironwork supervisors monitor ironworking activities. They assign tasks and take quick decisions to resolve problems.
Cemetery attendant: Cemetery attendants maintain the cemetery ground in good condition. They ensure the graves are ready for burial prior to funerals and ensure accurate burial records. Cemetery attendants offer advice to funeral services directors and the general public.
Industrial designer: Industrial designers work out ideas and develop them into designs and concepts for a wide variety of manufactured products. They integrate creativity, aesthetics, production feasibility, and market relevance in the design of new products.
Plastering supervisor: Plastering supervisors monitor plastering activities. They assign tasks and take quick decisions to resolve problems.
Crane crew supervisor: Crane crew supervisors are present to supervise crane operations. They keep an eye on safety and make sure regulations are followed. The supervisor takes quick decisions to resolve problems.
Public relations officer: Public relations officers represent a company or organisation to stakeholders and the public. They use communications strategies to promote an understanding of the activities and image of their clients in a favourable way.
Banking products manager: Banking products managers study the market of banking products and adapt the existing ones to the characteristics of this evolution or create new products to suit clients needs. They monitor and evaluate the performance indicators of these products and suggest improvements. Banking products managers assist with the sales and marketing strategy of the bank.
Glass installation supervisor: Glass installation supervisor monitor the process of installing plate glass. They assign tasks and take quick decisions to resolve problems.
Civil engineer: Civil engineers design, plan, and develop technical and engineering specifications for infrastructure and construction projects. They apply engineering knowledge in a vast array of projects, from the construction of infrastructure for transportation, housing projects, and luxury buildings, to the construction of natural sites. They design plans that seek to optimise materials and integrate specifications and resource allocation within the time constraints.
Underwater construction supervisor: Underwater construction supervisors monitor underwater construction projects such as tunnels, canal locks and bridge pillars. They guide and instruct construction commercial divers and make sure they adhere to safety regulations.
Aquaculture hatchery technician: Aquaculture hatchery technicians operate and control all aspects of the hatchery production processes, from broodstock management to pregrowing juveniles.
Application engineer: Application engineers deal with the technical requirements, management, and design for the development of various engineering applications, such as systems, new product designs, or the improvements of processes. They are responsible for the implementation of a design or process improvement, they offer technical support for products, answer questions about the technical functionality and assist the sales team.

References

1. Cost management – ESCO