AACE International CCP Dumps (V8.02) – An Effective Preparation Way to Complete the Certified Cost Professional (CCP) Exam on the First Attempt

1. What do you call a person authorized to represent another (the principal) in some capacity? He/she can only act within this capacity or "scope of authority" to bind the principal.

2. Budgeted cost of work scheduled is all of the following except:

3. Which of the following is NOT an aspect of quality management?

4. Cost performance index (CPI) is defined by AACE International as: (assume no change in budgeted quantities)

5. ____________ is the application of total resources ($-workers-supports) and activity durations of the logic diagram.

6. ____________is defined as the earned work hours or dollars for all accounts divided by the budgeted work hours or dollars for all accounts.

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

8. ____________ is defined as covering work whose component activities are less defined and whose interrelationships are conditional.

9. A work breakdown structure (WBS) is developed because:

10. If a project is said to be on a "fast track program/' the fast track method is:

11. Any combination of unique letters, numbers, or blanks, which describes and identifies any activity or task shown on the schedule, is:

12. The process of stating goals and determining the most effective way of reaching them is the definition for:

13. A schedule's late dates are calculated during the:

14. Which of the following is NOT a type of float?

15. The latest allowable end time minus the earliest allowable end time on a schedule activity is referred to as:

16. 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?

17. 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?

18. A systematic coding structure for organizing and managing scope, assets, cost, resources, work and schedule activity information is a______________.

19. Which of the following best describes the concept of total cost management:

20. AACE International defines _____________as a technique of economic evaluation that sums over a given study period, the costs of initial investment, replacements, operations, and maintenance/repair; expressed in either present or annual value terms.

21. ______________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.

22. A bond that guarantees the bidder will enter into a contract on the basis of his/her bid is referred to as:

23. 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:

24. What is executed in connection with a contract and secures the performance and fulfillment of all the undertakings, covenants, terms, conditions and agreements contained in the contract?

25. Productivity increases with time. This improvement is commonly associated with improvements in efficiency brought about by increased experience and skill levels.

What does this scenario describe?

26. A contract clause that provides the owner with the right to terminate the contract irrespective of the general contractor's liability is:

27. The purpose of a communication must be understood by ____________ if the message is to be clear to the

28. Meetings require:

29. The goal of listening is to:

30. Some of the principles of good communication are:

31. The written word is often more useful than the spoken. Guidelines for writing include:

32. The four steps to writing are:

33. Two of the most important things to know when planning a speech or lecture are the ______________and______________ of your audience.

34. When a person hears the words being said to him/her, but does not receive the message of the words, it is called

35. Listening to what is being said by all members of a group or audience and then summarizing or interpreting is called______________.

36. In a fixed price contract the:

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?

38. 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.

6,573 hours have been expended to date. Planned completion at this time is 60%. The project is determined to be 55% complete.

How many hours have been earned?

39. 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 cost performance index (CPI)?

40. 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)?

41. 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.

Based on current trends, how many hours will be expended at project completion?

42. 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.

10,278 hours have been expended to date. The CPI at this point in time is 0.93. SPI is 1.03.

How many hours have been earned?

43. 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.

10,278 hours have been expended to date. The CPI at this point in time is 0.93. SPI is 1.03.

How many hours were planned?

A. 10,586

B. 9,280

C. 9,559

D. 10,278

44. 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. $140,000

B. $875,000

C. $210,000

D. $105,000

45. 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)

46. 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 3, steel prices will have increased by what percentage over today's price? (round to 1 decimal)

47. 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?

48. 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.

If steel costs $1800/ton at the end of Year 3, what is the price of steel at the end of Year 4?

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 30 months, the final price for the piece of equipment will be:

50. 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:

51. 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 range of unit costs?

52. 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.

Calculate the mean unit cost.

53. 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.

Calculate the weighted average unit cost.

54. 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 range of estimated quantities?

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 from Atlanta, GA?

56. 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?

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 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 class of estimate is used for the preliminary design phase of a project?

A. Class 5 - order of magnitude estimate with +50% / -30% accuracy

B. Class 1 - order of magnitude with +30% / -30% accuracy

C. Class 4 - budget estimate with +30% / -15% accuracy

D. Class 2 - definitive estimate with +15%/-5% accuracy

58. 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. Soil data, detailed construction drawings, quantity takeoffs, minimum contingency detailed indirect costs, detailed engineering estimates

B. Preliminary quantities with labor, material, and factors applied, square footage of facilities, minimum contingency detailed indirect costs

C. Square footage of facilities, factored indirects and home office costs

D. Vendor quotes, home office detailed estimate, preliminary quantities with labor, material, and factors applied

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 method to estimate the cost of the new rides:

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.

Why is a +/- notation necessary when developing an estimate?

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.

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:

62. 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?

63. 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?

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.

After an individual's safety needs are met, what needs would the individual be motivated to fulfill next in Maslow’s hierarchy of needs?

65. 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.

Cost engineers who feel completely satisfied and fulfilled by their work as part of a project team are said to have reached the ______________ stage of Maslow's hierarchy of needs.

66. 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.

Fred Fiedler's contingency model suggests that:

67. 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 an exit interview, an employee comments that the reason he is leaving the organization is lack of teamwork and cohesion among his co-workers.

Which need of Maslow's hierarchy of needs is unmet?

68. 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, which level should be satisfied first?

69. 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:

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.

Which of the following percent complete measurement techniques is best suited for long-term non-production accounts (such as overhead accounts)?