Sr. Cost Engineer

Palatine, IL

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The Sr. Cost Engineer will partner with Finance, Engineering, Quality, Manufacturing, Purchasing and Logistics to understand the true cost of product and ensure all unnecessary costs are eliminated. Reporting to the Director of Supply Chain Strategy, the Sr. Cost Engineer will perform in-depth review of materials, processes, routings, and supply chain plan to identify and eliminate inefficiencies and non-customer valued tasks. He/She will exploit every opportunity to remove unnecessary and unproductive costs by proactively targeting cost reductions and driving productivity improvements. The Sr. Cost Engineer will use their expertise to educate the business on how fluctuations of the global market and changing technologies impact the business and will create plans and initiatives to help drive profitability and component/process innovation. This role is for an analytically minded, self-starter who is looking to build internal cost engineering strategies that align with long-term company objectives.

Essential Duties and Responsibilities:

  • Conduct should-cost studies to establish appropriate target development costs, unit pricing, tooling costs, and product-specific investments. Assess an appropriate figure to guide negotiations or to compare with figures provided by suppliers.
  • Initiate cost engineering workshops at suppliers together with Purchasing; present suppliers with calculated cost models as a basis for further cost reduction potential.
  • Maintain best practice and material database to share across all programs.
  • Drive and support material/component pooling opportunities.
  • Develop an approach to identify root cost drivers, developing initiatives, establishing cost targets, developing component cost plan of action and milestones, and tracking cost savings.
  • Develop cost engineering models for prototype cost builds and supplier evaluations.
  • Evaluate components costs and help justify it; support or disprove why component price levels are as reported or negotiated and what reasonable measures might reduce it.
  • Develop new and creative ideas for reducing costs on existing and future products, while understanding the global market place and its constraints and opportunities.
  • Understand and challenge the basis for indirect costs in supplier-contractor proposals and product development projects.
  • Track recent program cost, schedule, and performance trends and identify ways to improve and monitoring price trends on assigned components.
  • Benchmark similar components-development programs against other components-programs performed by the same supplier or in the same area.
  • Identify alternative technology and material that can potentially reduce development of life-cycle cost of a program.
  • Routinely analyze cost elements and look at reasonable measures to reduce them with prudent considerations of risks.
  • Eliminate unnecessary pass-through costs by considering other process options.
  • Assist in the integration of modeling and simulation into the test construct to reduce overall cost.

 Education and Experience Requirements

  • 5+ years’ work experience in Engineering, Purchasing, Supply Chain, or a technical position in a high volume manufacturing environment
  • Bachelor’s degree in Business or a technically related field program
  • Exceptional interpersonal, leadership, and communication skills with a proven record of building relationships, influencing others, and collaborating cross-functionally
  • Exceptional problem solving and analytical skills with the ability to quantify and evaluate manufacturing processes and technologies to ensure ‘best cost’ solutions
  • Adaptable and flexible with the ability to work well under pressure and in challenging situations
  • Excellent project management skills


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