A Cost Engineer oversees creation of Cost Models and Estimates for components and finished goods, preparing cost estimates, and managing recommendations to support profitability. They assess risks, track market fluctuations and generate detailed financial reports.

General Responsibilities
• Development of comprehensive project budgets and advanced cost models, ensuring accuracy and alignment with complex technical drawings and specifications.
• Handles the review of drawings and specifications, and provide expert guidance in the preparation of high-level cost estimates and strategic bid packages.
• Establish, track, and ongoing maintenance of project budgets and forecasts, ensuring robust financial controls across multiple projects.
• Monitor and analyze actual project expenditures versus approved budgets, identify significant variances, and implement corrective strategies to optimize financial performance.
• Lead project cost forecasting and conduct in-depth cost-benefit analyses to inform executive decision-making and strategic planning.
• Handles the preparation of advanced cost performance reports and present key financial insights to project managers and senior leadership.
• Identify and evaluate major cost risks, manage substantial contingency funds, and develop and implement sophisticated risk mitigation strategies.
•  Lead the analysis and negotiation of supplier contracts, high-value quotes, and complex change orders to ensure cost efficiency and compliance.
• Handles the maintenance of comprehensive project documentation, cost databases, and historical data, ensuring data integrity and accessibility for future projects.
• Develops high-level communication with project teams and stakeholders to resolve complex budget discrepancies and ensure strict adherence to organizational standards and best practices.

Experience / Qualifications

• Relevant work experience or knowledge of the role
• Must be a team player able to work in a fast-paced environment with demonstrated ability to handle multiple competing tasks and demands
• Strong communication skills; oral, written and presentation
• Strong organization, planning and time management skills to achieve results
• Strong personal and professional ethical values and integrity
• Holds self-accountable to achieving goals and standards
• Proficient in Microsoft Office programs (Outlook, Word, PowerPoint, and Excel)
• Strong interpersonal & collaboration skills to work effectively with all levels of the organization including suppliers and/or external customers

Procurement Cost Engineer specifics:

·       Detailed Bottom-Up Should-Cost Modeling: Develop precise cost estimates by breaking down components into raw materials, labor, machine cycle times, and overhead.

·       Develop new cost models for new products and processes

·       Tooling & Investment Estimation: Calculate the cost of specific production assets, such as injection molds, stamping dies, or assembly fixtures.

·       Design-to-Cost (DTC) Advisory: Partner with design engineers during the early concept phase to evaluate how geometry or material changes affect the piece price.

·       Supplier Quote Gap Analysis: Critically review supplier "Quotation Analysis" (QA) forms to identify discrepancies between the supplier's price and the engineered should-cost.

·       Manufacturing Feasibility Evaluation: Analyze CAD data and engineering drawings to ensure a part can be made efficiently using the proposed manufacturing process.

·       Competitive Benchmarking: Perform teardown and cost analysis of competitor components to establish industry benchmarks for new designs.

·       Supplier Negotiation Support: Act as a technical expert for the purchasing department during negotiations, providing data-backed evidence to justify cost targets.

·       Alternative Process Comparison: Evaluate the cost trade-offs of different production methods, such as casting vs. machining or plastic injection vs. stamping.

·       Make-vs-Buy Analysis: Compare the cost of internal manufacturing against external supplier quotes to support sourcing strategy decisions.

·       Market Trend & Index Monitoring: Track fluctuating costs of raw materials (e.g., steel, aluminum, resin) and labor rates across different regions to keep cost models current.

SmarterTogether

• Collaborating at Sensata means working with some of the world’s most talented people in an enriching environment that is constantly pushing towards the next best thing

• Employees work across functions, countries and cultures gaining new perspectives through mutual respect and open communication

•  As OneSensata, we are working together to make things work together 

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