Cost Analyst Duties & Responsibilities

The role and function of a Cost Analyst includes the following duties and responsibilities:

Recommend and direct changes in operating procedures to improve efficiencies in payment and procurement processes.
When necessary, offer analytical support for departmental projects.
Examine data to help with reducing cost in all operations.
Analyze the market and identify opportunities for growth and potential risks.
Contribute in developing yearly operation plans, budgets, and estimating new product costs, including economic analysis.
Coordinate with management to ensure cost forecasting reports are consistently checked and applied.
Monitor and document actual and estimate reports.
Stay up-to-date on project budgets and project spending.
Give suggestions for money-saving strategies.

Note that this is not an exhaustive list of Cost Analyst duties and responsibilities. Job functions for specific Cost Analyst roles may vary, depending on the industry and type of employer.

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