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How to Prepare For AACE-International CCP: Certified Cost Professional (CCP) Exam
Preparation Guide for AACE-International CCP: Certified Cost Professional (CCP) Exam
Introduction
AACE International, the Association for Cost Engineering Advancement, administers the Certified Cost Professional (CCP) exam. In 1959, cost estimators and cost engineers established AACE International during the organizational conference of the American Association of Cost Engineering in Durham, New Hampshire, in 1956. (Association for the Advancement of Cost Engineering). AACE is located in Morgantown, West Virginia, USA, International Headquarters. AACE is a non-profit specialist organization. AACE Global is a participant of the Technical Specialty Boards and Engineering Council (CESB). AACE now runs eight qualification programs. The agreement and the passage of an assessment to comply with the ethical canons. Most of them need prior industrial experience and may recertify through ongoing training or re-examination. The Council of Engineering and Scientific Specialty Boards has recognized six of these certificates (CESB).
This test guide is designed to help achieve the highest possible degree of AACE specialty accreditation. It will enable you to understand the scope of the AACE-International CCP: Certified Cost Professional (CCP) Exam and help you to prepare for it successfully by making use of the provided CCP exam dumps. This guide contains information on the audience of the certification test, suggested preparation and documentation and a complete set of examination objectives, to help you get a passing score. To increase your chances of passing the test, AACE strongly recommends a mix of on-the-job experience, course attendance, and self-study, and taking the CCP practice exams.
NEW QUESTION # 59
A major theme park is expanding the existing facility over a five-year period. The design phase will be completed one year after the contract is awarded. Major engineering drawings will be finalized two years after the design contract is awarded and construction will begin three years after the award of the design contract. New, unique ride technology will be used and an estimate will need to be developed to identify these costs that have no historical data.
The following question requires your selection of CCC/CCE Scenario 26(2.5.50.1.2) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
Select the statement that best describes the meaning of the +/-notations associated with an estimate. The actual cost is expected:
- A. To be outside the percentages stated
- B. To be higher or lower that the percentages stated
- C. To be exactly the percentages stated
- D. To fall within the percentage range stated
Answer: D
NEW QUESTION # 60
A major theme park is expanding the existing facility over a five-year period. The design phase will be completed one year after the contract is awarded. Major engineering drawings will be finalized two years after the design contract is awarded and construction will begin three years after the award of the design contract. New, unique ride technology will be used and an estimate will need to be developed to identify these costs that have no historical data.
The following question requires your selection of CCC/CCE Scenario 26 (2.5.50.1.2) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
Select the statement that best describes the method to estimate the cost of the new rides:
- A. Call vendors for quotes
- B. Break down the technology into components
- C. Use historical data from past projects
- D. Adjust known data from existing rides
Answer: D
NEW QUESTION # 61
A major theme park is expanding the existing facility over a five-year period. The design phase will be completed one year after the contract is awarded. Major engineering drawings will be finalized two years after the design contract is awarded and construction will begin three years after the award of the design contract. New, unique ride technology will be used and an estimate will need to be developed to identify these costs that have no historical data.
According to Maslow's hierarchy of needs, giving the employees an award that acknowledges their achievements is most likely to satisfy which level of need?
- A. Power needs
- B. Belonging needs
- C. Safety needs
- D. Self-actualization
Answer: D
NEW QUESTION # 62 
The following question requires your selection of CCC/CCE Scenario 28 (3.7.50.1.7) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
An unbalanced bid methodology can best be used by:
- A. Engineer/contractor working for the owner (Plan B)
- B. Contractor working directly for engineer (plan A or B)
- C. Subcontractor working for contractor (Plan A or B)
- D. Engineer working for the owner (Plan A)
Answer: A
NEW QUESTION # 63
Meetings require:
- A. Goals, an agenda, preparation, control, good listening skills and relevant discussions
- B. Goals, an agenda, preparation, conclusions, control and conversations that are relevant
- C. Goals, an agenda, preparation, relevant discussions, support for your actions and to consider the total physical and human setting of the meeting
- D. Goals, an agenda, flipchart, computer projector, laser pointer and consulting with others where appropriate
Answer: B
NEW QUESTION # 64
What is a basic element of work or a task that must be performed over a given period of time in order to complete a project called?
- A. Commodity
- B. Activity
- C. WBS element
- D. Resource
Answer: B
NEW QUESTION # 65
An agricultural corporation that paid 53% in income tax wanted to build a grain elevator designed to last twenty-five (25) years at a cost of $80,000 with no salvage value. Annual income generated would be $22,500 and annual expenditures were to be $12,000.
Answer the question using a straight line depreciation and a 10% interest rate.
Which of the following interest rates disregards the effects of compounding periods that occur more frequent than annually?
- A. Minimum attractive rate of return
- B. Nominal interest rate
- C. Simple interest rate
- D. Continuous compounding rate
Answer: B
NEW QUESTION # 66 
The following question requires your selection of CCC/CCE Scenario 2 (2.3.50.1.2) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
9,375 hours have been expended to date. Planned completion at this time is 75%. The project is determined to be 66% complete. What is the current schedule performance index (SPI)?
- A. 0.88
- B. 0.84
- C. 0.96
- D. 1.14
Answer: D
NEW QUESTION # 67
An agricultural corporation that paid 53% in income tax wanted to build a grain elevator
designed to last twenty-five (25) years at a cost of $80,000 with no salvage value. Annual income generated would be $22,500 and annual expenditures were to be $12,000.
Answer the question using a straight line depreciation and a 10% interest rate.
If $50 was invested at 6.0% on January 1, year 1, what would be the value of year-end withdrawals made in equal amounts each year for 10 years and leaving nothing in the fund after the tenth withdrawal?
- A. $3.10
- B. $5.35
- C. $2.22
- D. $6.80
Answer: D
NEW QUESTION # 68
An agricultural corporation that paid 53% in income tax wanted to build a grain elevator designed to last twenty-five (25) years at a cost of $80,000 with no salvage value. Annual income generated would be $22,500 and annual expenditures were to be $12,000.
Answer the question using a straight line depreciation and a 10% interest rate.
You have been asked to provide ETC information to management. Based on the following information, what is the ETC?
Original Budget = $9,000,000 Actuals to date = $3,513,000
Current estimate at completion = $10,613,000
Actuals for current month = $1,200,000
- A. $10,613,000
- B. $5,487,000
- C. $9,000,000
- D. $7,100,000
Answer: D
NEW QUESTION # 69
NO: 37
The following question requires your selection of CCC/CCE Scenario 2 (2.3.50.1.2) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
The entire pipe has been received, hangers have been installed, and all pipes are in place. None has been welded or flushed. What percent complete is this project?
- A. 50%
- B. 45%
- C. 95%
- D. 30%
Answer: B
NEW QUESTION # 70
A major theme park is expanding the existing facility over a five-year period. The design phase will be completed one year after the contract is awarded. Major engineering drawings will be finalized two years after the design contract is awarded and construction will begin three years after the award of the design contract. New, unique ride technology will be used and an estimate will need to be developed to identify these costs that have no historical data.
The following question requires your selection of CCC/CCE Scenario 26 (2.5.50.1.2) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
Which statement best describes the type of information available for a design phase estimate?
- A. Utility requirements, detailed building plans and (- specifications, types of rides and exhibits identified, all vendor quotes or estimates received from subcontractors
- B. Home office detail, specific vendor quotes, preliminary quantities with labor and material factors applied
- C. Detailed construction drawings, quantity takeoffs, detailed labor hours and material costs applied, quotes from all major subcontractors
- D. Square footage of buildings, factored indirects, types of rides and exhibits identified, utility requirements, conceptual layouts
Answer: A
NEW QUESTION # 71
The following question requires your selection of CCC/CCE Scenario 28 (3.7.50.1.7) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
If the owner in B has as his primary goal to get the project completed and on line as fast as possible, then he would most likely use the ______________type of contract.
- A. Cost plus
- B. Unit Rate
- C. Lump sum
- D. Lump sum + incentive
Answer: D
NEW QUESTION # 72
A major theme park is expanding the existing facility over a five-year period. The design phase will be completed one year after the contract is awarded. Major engineering drawings will be finalized two years after the design contract is awarded and construction will begin three years after the award of the design contract. New, unique ride technology will be used and an estimate will need to be developed to identify these costs that have no historical data.
The project scheduler left the company and has left unfinished work. You have been hired as the new project scheduler and must update the existing schedule. What will be your first task?
- A. Update the remaining duration for each activity
- B. Recalculate the early finish for each activity
- C. Recalculate the early start for each activity
- D. Recalculate the critical path
Answer: D
NEW QUESTION # 73
A work breakdown structure (WBS) is developed because:
- A. It defines specific tasks within a project from which schedules can be developed; it aids in linking activities with resources; it facilitates communication; and it allows integration of project plans
- B. It avoids omissions of key product activities through a systematic planning process; removes the complexity of the project by dividing it into manageable units; and provides a framework.
- C. It can be illustrated by a simple bar, with important milestones represented by symbols at the planned time of occurrence
- D. It can be illustrated by individual bars for major phases, such as permitting, funding, engineering, procurement construction, commission/startup
Answer: A
NEW QUESTION # 74
A major theme park is expanding the existing facility over a five-year period. The design phase will be completed one year after the contract is awarded. Major engineering drawings will be finalized two years after the design contract is awarded and construction will begin three years after the award of the design contract. New, unique ride technology will be used and an estimate will need to be developed to identify these costs that have no historical data.
The following is NOT an advantage of the critical path method:
- A. The ability to identify activities that cannot have their schedules slip if the desired project end date is to be achieved
- B. Reveals activities that additional resources need to be dedicated toward
- C. The ability to determine cost overruns of critical path activities
- D. The ability to show slippage in the progress of key activities
Answer: C
NEW QUESTION # 75
A major theme park is expanding the existing facility over a five-year period. The design phase will be completed one year after the contract is awarded. Major engineering drawings will be finalized two years after the design contract is awarded and construction will begin three years after the award of the design contract. New, unique ride technology will be used and an estimate will need to be developed to identify these costs that have no historical data.
Which of the following methods a used for creating critical path schedules:
- A. Precedence and arrow diagram methods only
- B. Gantt chart (bar chart) method
- C. Arrow diagram method
- D. Precedence diagram method
Answer: A
NEW QUESTION # 76
The following question requires your selection of CCC/CCE Scenario 28 (3.7.50.1.7) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
If the owner in A has a primary goal of completion within budget, the following contract types with the engineer/contractor would be best:
- A. Engineer - fixed price, contractor fixed price
- B. Engineer fixed price, contactor cost plus
- C. Engineer - cost plus, contractor fixed price
- D. Engineer - cost plus, contractor cost plus
Answer: A
NEW QUESTION # 77
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