Certified Cost Professional (CCP)

What is AACE?

AACE International (formerly the Association for the Advancement of Cost Engineering) was founded in 1956 by 59 cost estimators and cost engineers during the organizational meeting of the American Association of Cost Engineering at the University of New Hampshire in Durham, New Hampshire.

Certification

A CCP is an experienced practitioner with ad-vanced knowledge and technical expertise to apply and communicate the broad principles and best practices of Total Cost management (TCM) in the planning , execution and management of any organizational project or program.

Here are some sample questions that you really get in your exam. Pass any exam in first attempt by the help of exams4sure

Question No 1:

A major theme park is expanding the existing facility over a five-year period. The design phasewill be completed one year after the contract is awarded. Major engineering drawings will befinalized two years after the design contract is awarded and construction will begin three years af-terthe award of the design contract. New, unique ride technology will be used and an estimate will needto be developed to identify these costs that have no historical data.When analyzing a precedence diagram schedule, the “backward pass”

A. Allows total float to be calculatedB. Determines the duration of each activityC. Calculates the earliest allowable start and finish times for the activities in the scheduleD. Allows activities to finish as soon as all their ‘predecessor’ relationships are satisfied

Answer: C

Question No 2:

A major theme park is expanding the existing facility over a five-year period. The design phasewill be completed one year after the contract is awarded. Major engineering drawings will befinalized two years after the design contract is awarded and construction will begin three years af-terthe award of the design contract. New, unique ride technology will be used and an estimate will needto 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 sideof your split screen, using the drop down menu, to reference during your response/choice ofresponses.Why is a +/- notation necessary when developing an estimate?

A. Contingency cushionB. It makes up for the lack of time to develop a real estimateC. It is a government requirementD. There are unknowns that affect the final cost of a project

Answer: D

Question No 3:

Meetings require:

A. Goals, an agenda, preparation, relevant discussions, support for your actions and to consider thetotal physical and human setting of the meetingB. Goals, an agenda, preparation, conclusions, control and conversations that are relevantC. Goals, an agenda, preparation, control, good listening skills and relevant discussionsD. Goals, an agenda, flipchart, computer projector, laser pointer and consulting with others whereAppropriate

Answer: B

Question No 4:

A major theme park is expanding the existing facility over a five-year period. The design phasewill be completed one year after the contract is awarded. Major engineering drawings will befinalized two years after the design contract is awarded and construction will begin three years af-terthe award of the design contract. New, unique ride technology will be used and an estimate will needto 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 sideof your split screen, using the drop down menu, to reference during your response/choice ofresponses.Select the statement that best describes the method to estimate the cost of the new rides:

A. Break down the technology into componentsB. Call vendors for quotesC. Use historical data from past projectsD. Adjust known data from existing rides

Answer: D

Question No 5:

_____________is defined as the budget for the cost (work) account times the percent completefor that account.

A. Percent completeB. ForecastC. Cost to completeD. Earned value

Answer: D

Question No 6:

The following question requires your selection of CCC/CCE Scenario 6 (2.7.50.1.3) from the right sideof your split screen., using the drop down menu, to reference during your response/choice ofresponses.What is the range of unit costs?

A. $21.57B. $26.65C. $48.22D. $485.00

Answer: D

Question No 7:

Cost performance index (CPI) is defined by AACE International as: (assume no change inbudgeted quantities)

A. ACWP/BCWSB. BCWS/BCWPC. ACWP/BCWPD. BCWP/ACWP

Answer: D

Question No 8:

A major theme park is expanding the existing facility over a five-year period. The design phasewill be completed one year after the contract is awarded. Major engineering drawings will befinalized two years after the design contract is awarded and construction will begin three years af-terthe award of the design contract. New, unique ride technology will be used and an estimate will needto 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 determine cost overruns of critical path activitiesB. The ability to identify activities that cannot have their schedules slip if the desired project end dateis to be achievedC. Reveals activities that additional resources need to be dedicated towardD. The ability to show slippage in the progress of key activities

Answer: A

Question No 9:

An agricultural corporation that paid 53% in income tax wanted to build a grain elevatordesigned to last twenty-five (25) years at a cost of $80,000 with no salvage value. Annual incomegenerated 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.How many years will it take to earn $400 in interest on $800 at 4% compounded annually?

A. 10 yearsB. 11 yearsC. 12 yearsD. 13 years

Answer: A

Question No 10:

Which of the following is NOT a type of float?

A. TotalB. NegativeC. Open endD. Free

Answer: C

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Certified Cost Professional (CCP)