Project control analysts are attached to particular project groups or workgroups in a company to serve a data support role for the team. Project control analysts do research and analyze data to aid the overall goals of the group(s) by tracking the budget, forecasting financial needs, monitoring and reporting outcome data, tracking compliance to corporate and legal regulations, and doing ad hoc data analysis for members of the group.
Depending on the industry, project control analysts may also ensure that projects stay within their intended scope, oversee timetables for products or services, help schedule staff development as needed, conduct profitability analysis, perform various weekly or otherwise periodic data reporting, and schedule data forecasting timetables.
In terms of education, most companies require their project analysts to hold bachelor’s degrees in related fields, such as business administration, in addition to several years’ experience in a related role. Project control analysts must have detailed knowledge of spreadsheets, and companies frequently require specialization with relevant software platforms such as Costpoint, Hyperion, Fusion, and related programs. For the most part, project analysts tend to report to project managers and work full time in an office environment.
Successful project control analysts are typically detail-oriented, analytical, and capable of effectively assessing data. The analysts must be able to work independently, as well as in a larger group. They must have excellent verbal communication skills, and the frequent need for report-writing requires good written communication skills as well.
Project Control Analyst Tasks
Define and communicate project budgets.
Identify and resolve risks and financial discrepancies or variances.
Oversee project closings and update processes.
Create financial reports and forecasts, and fit them to known trends.