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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.
The benefit of obtaining the AACE-International CCP: Certified Cost Professional (CCP) Exam Certification
For over thirty years, certifications provided by the Association for Cost Engineering Advancement (AACE) have been a hallmark of distinction and more and more companies need this certification as a requirement for employment. CCP is one of the widely recognized AACE certifications covering topics relating to project planning and planning. A qualification from AACE also leads to better acceptance by pairs and improves the chances of employment and income.
While a licensed professional engineer is generally considered to be “certified” in any field in which he or she works, it's a national mood for both licensed and non-licensed engineers to require certification of specialty disciplines. A positive reaction to the increasing strength of our software tools in teaching, theory, and practice and qualification governed by our professional organizations, including AACE and the CCP examination mentioned above.
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NEW QUESTION 41
A systematic coding structure for organizing and managing scope, assets, cost, resources, work and schedule activity information is a______________.
- A. Cost breakdown structure
- B. Code of accounts
- C. Cost estimate classification
- D. Schedule identification number
Answer: B
NEW QUESTION 42
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. Gantt chart (bar chart) method
- B. Arrow diagram method
- C. Precedence and arrow diagram methods only
- D. Precedence diagram method
Answer: C
NEW QUESTION 43 
The following question requires your selection of CCC/CCE Scenario 4 (2.7.50.1.1) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
What is the cost index value of copper at the end of Year 2? (rounded to 2 decimal positions)
- A. 4.62
- B. 4.24
- C. 4.10
- D. 4.31
Answer: D
NEW QUESTION 44
The latest allowable end time minus the earliest allowable end time on a schedule activity is referred to as:
- A. Just-in-time scheduling
- B. Remaining duration
- C. Total float
- D. Free float
Answer: C
NEW QUESTION 45
Which of the following best describes the concept of total cost management:
- A. A job cost system for ensuring all aspects of a particular manufacturing process are accumulated completely
- B. The practices and processes utilized to manage the total life cycle cost investment in a portfolio of strategic assets
- C. An integrating process that maps the fields of practice of cost engineering without linking it to project management, resource management, or accounting
- D. A method of quantifying construction damages where the total job costs are subtracted from the original bid or estimate to determine the total cost amount for a claim
Answer: C
NEW QUESTION 46
A concrete slab measuring 10 feet wide by 13.5 feet long by 6 inches deep is to be installed. How many cubic yards of concrete will be required?
- A. 2.5 cubic yards
- B. 2.0 cubic yards
- C. 3.5 cubic yards
- D. 3.0 cubic yards
Answer: A
NEW QUESTION 47
An effort by a prime contractor to reduce the price quoted by a vendor, by providing the bid price to other vendors in an attempt to get the other vendors to underbid the original price quoted is referred to as:
- A. Negotiating a best and final offer
- B. Cost-price analysis
- C. Bid shopping
- D. Costing
Answer: C
NEW QUESTION 48
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. Self-actualization
- B. Power needs
- C. Belonging needs
- D. Safety needs
Answer: A
NEW QUESTION 49 
The following question requires your selection of CCC/CCE Scenario 4 (2.7.50.1.1) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
At the end of Year 4, the commodity which experienced the greatest projected percentage price index increase over today is:
- A. None of the above
- B. Copper
- C. Steel
- D. Manufacturing labor
Answer: D
NEW QUESTION 50
Two of the most important things to know when planning a speech or lecture are the ______________and______________ of your audience.
- A. Background, attitude
- B. Culture, understanding
- C. Political preference, sense of humor
- D. Motivation, professionalism
Answer: B
NEW QUESTION 51
____________ is the application of total resources ($-workers-supports) and activity durations of the logic diagram.
- A. Scheduling
- B. Planning
- C. Modeling
- D. Forecasting
Answer: A
NEW QUESTION 52
A schedule's late dates are calculated during the:
- A. Backward pass
- B. Forward pass
- C. Loop calculations
- D. Float
Answer: A
NEW QUESTION 53
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 exactly the percentages stated
- B. To be outside the percentages stated
- C. To be higher or lower that the percentages stated
- D. To fall within the percentage range stated
Answer: D
NEW QUESTION 54 
The following question requires your selection of CCC/CCE Scenario 4 (2.7.50.1.1) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
What is the cost of manufacturing labor for the piece of equipment today?
- A. $210,000
- B. $105,000
- C. $140,000
- D. $875,000
Answer: C
NEW QUESTION 55 
The following question requires your selection of CCC/CCE Scenario 6 (2.7.50.1.3) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
What is the relative frequency of unit costs amounting to $55.00/unit?
- A. 22.22%
- B. 338.5
- C. 0
- D. $55.00
Answer: A
NEW QUESTION 56
Meetings require:
- A. Goals, an agenda, preparation, relevant discussions, support for your actions and to consider the total physical and human setting of the meeting
- B. Goals, an agenda, preparation, conclusions, control and conversations that are relevant
- C. Goals, an agenda, preparation, control, good listening skills and relevant discussions
- D. Goals, an agenda, flipchart, computer projector, laser pointer and consulting with others where appropriate
Answer: B
NEW QUESTION 57
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. Recalculate the early start for each activity
- B. Update the remaining duration for each activity
- C. Recalculate the early finish for each activity
- D. Recalculate the critical path
Answer: D
NEW QUESTION 58
_____________is defined as the budget for the cost (work) account times the percent complete for that account.
- A. Earned value
- B. Percent complete
- C. Forecast
- D. Cost to complete
Answer: A
NEW QUESTION 59
The goal of listening is to:
- A. Improve communication
- B. Have time to formulate your thoughts on the subject
- C. Find out what is going on
- D. Analyze what the speaker is saying
Answer: A
NEW QUESTION 60
The written word is often more useful than the spoken. Guidelines for writing include:
- A. Organize the background information; state the problem list the options or alternatives; state the recommendation (s); conclude and summarize with why the recommendation is the best way to proceed
- B. Explain, report, describe, clarify, define and demonstrate
- C. Follow an outline; allow some time for "cooling" after compiling the draft before revising; when revising, allow plenty of time for several sessions
- D. Use short sentences; use short words; avoid jargon and abbreviations; use complete sentences; stick to one idea per paragraph; have a beginning, middle and end; be accurate
Answer: A
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.
In Rensis1 4 model system, the exploitative-authoritative management style is one in which:
- A. Management issues orders, but employees have some freedom to comment
- B. Management makes most decisions and passes them down
- C. Informal organizations generally support the goals of the formal organization
- D. Management has a lot of confidence in the employees
Answer: B
NEW QUESTION 62 
The following question requires your selection of CCC/CCE Scenario 4 (2.7.50.1.1) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
At the end of 30 months, copper prices will have increased by what percentage over today's price?
- A. 2.5%
- B. 6.6%
- C. 3.5%
- D. 4.6%
Answer: A
NEW QUESTION 63
______________can be defined as the determination of that course of action or combination of alternatives that yields either the lowest cost or the highest profit.
- A. Dynamic programming
- B. Economic optimization
- C. Linear programming
- D. Simulation
Answer: A
NEW QUESTION 64
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.
What information is needed to develop a Class 2 definitive estimate?
- A. Square footage of facilities, factored indirects and home office costs
- B. Vendor quotes, home office detailed estimate, preliminary quantities with labor, material, and factors applied
- C. Preliminary quantities with labor, material, and factors applied, square footage of facilities, minimum contingency detailed indirect costs
- D. Soil data, detailed construction drawings, quantity takeoffs, minimum contingency detailed indirect costs, detailed engineering estimates
Answer: D
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.
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. $5,487,000
- B. $9,000,000
- C. $7,100,000
- D. $10,613,000
Answer: C
NEW QUESTION 66
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