Purpose
The Cost Officers are responsible for managing the financial aspects of MUR Motorsports, focusing on the cost analysis and budgeting for the vehicle as if it were mass-produced rather than the actual prototype costs. This role requires a deep understanding of production costs, materials, and manufacturing processes in the context of a fictional mass production scenario, as per Formula SAE (FSAE) competition requirements. The Cost Officers must ensure that all financial considerations balance performance with production efficiency and that the team adheres to FSAE rules for cost reporting.
Goals
- Prepare and Submit Cost Report
- Prepare and Submit Cost Scenario
Roles and Responsibilities
eBOM
A major responsibility of the Cost Officers is to prepare a detailed cost report as required by the FSAE competition. This includes the Bill of Materials (BOM), cost tables, and cost drawings, breaking down every system, part, and process involved in the vehicle’s production. The report must reflect the costs of producing the car at scale, not the one-off expenses incurred during the prototype phase. The BOM is a large document prepared by all of the members in the team and compiled by the cost officers. With over 700 parts on the car, each requiring its own cost sheet and engineering drawings, the BOM is the most significant aspect of the Cost Event.
Cost Scenario
In addition to preparing the cost report, the team may be required to respond to a fictional cost scenario presented by the FSAE judges during the competition. This scenario tests the team’s ability to adapt their cost estimates and production strategy based on a hypothetical situation that involves mass production and related business decisions.
Collaboration with Sub-Teams
Cost Officers work closely with the engineering, design, and procurement teams to ensure that cost considerations are factored into the design process from the outset. They regularly communicate with other sub-teams to track changes that may affect the cost report and offer guidance on how to balance performance with cost efficiency.
Skills Exposure
| Soft Skills |
|---|
| Attention to Detail |
| Analytical Thinking |
| Problem Solving |
| Collaboration and Communication |
| Technical Skills |
|---|
| Cost Analysis and Optimisation |
| Budget for Mass Production |
| Financial Reporting |
| Supplier Management |
Industry and Work Opportunities
The skills gained as a Cost Officer are highly valuable across industries such as automotive manufacturing, aerospace, engineering consulting, and financial analysis. Graduates can pursue roles as Cost Analysts, Financial Planners, Project Managers, or Supply Chain Managers in industries that require expertise in balancing cost and performance in large-scale production scenarios. Experience in preparing detailed cost reports, managing supplier relationships, and optimizing costs for mass production scenarios makes Cost Officers ideal candidates for roles in manufacturing finance, procurement, and operations management.
For those interested in motorsports, there are opportunities in motorsport finance and race team management, where controlling costs and optimizing performance are critical. The ability to analyze costs in a competitive, fast-paced environment also prepares Cost Officers for roles in financial strategy and cost control in a variety of high-performance engineering sectors.