IntermediateBEHAVIORAL
Describe a situation where you identified a significant project cost variance; what steps did you take to investigate, communicate to stakeholders, and correct the issue?
Project Accountant
General

Sample Answer

On a services engagement that was trending 22% over budget—about $180K on a $820K contract—I flagged the variance during my weekly review. I drilled into invoices and time entries, discovered three subcontractor rate changes that hadn't been approved and inefficient overtime on a 4-person crew. I immediately ran a corrected cost forecast, presented findings with backup to the PM and client within 48 hours, and negotiated retroactive rate approvals for one supplier while reallocating internal resources to avoid further OT. Those actions cut the projected overrun to 4% and recovered $45K in chargebacks within the month. I then implemented a change-order gate in the workflow to prevent recurrence.

Keywords

Quick investigative analytics on invoices and time entriesTransparent stakeholder communication within 48 hoursNegotiated supplier rates and resource reallocation to reduce overrun from 22% to 4%Implemented change-order approval gate