HERE ARE THE TOP TIPS TO PASS THE AACE INTERNATIONAL CCP CERTIFICATION

Here are the Top Tips to Pass the AACE International CCP Certification

Here are the Top Tips to Pass the AACE International CCP Certification

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The CCP Certification Exam is known for its comprehensive coverage of cost engineering principles, practices, and methods. CCP exam covers areas such as cost estimating, project planning and control, risk management, and cost analysis. CCP exam is based on the Body of Knowledge (BoK) published by AACE International, which is regularly updated to reflect changes in the cost engineering profession.

The CCP certification exam covers a broad range of topics, including project management principles, cost control techniques, cost engineering, and risk management. CCP exam is comprehensive and challenging, requiring a deep understanding of concepts and practical experience in implementing them. Certified Cost Professional (CCP) Exam certification exam is designed to evaluate the candidate’s ability to analyze project costs, develop cost estimates, and manage project budgets effectively.

AACE International is a professional organization dedicated to advancing cost engineering and project management. AACE International offers a range of certification programs, including the Certified Cost Professional (CCP) designation. The CCP Certification is designed to demonstrate a professional’s knowledge and competency in the field of cost engineering.

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AACE International Certified Cost Professional (CCP) Exam Sample Questions (Q64-Q69):

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

  • A. Contingency cushion
  • B. It is a government requirement
  • C. There are unknowns that affect the final cost of a project
  • D. It makes up for the lack of time to develop a real estimate

Answer: C


NEW QUESTION # 65
After collecting the control information on a light rail project within an original budget of 200.000 work hours, the construction contractor is ready for their monthly progress meeting with the client.
A total of 100.000 work hours have boon scheduled to date. with 105.000 work hours earned, and 110.000 work hours paid. The stated progress by the contractor is 60%.
How does the project stand?

  • A. Schedule is bad cost is good
  • B. Schedule is good, cost is bad
  • C. Schedule is good cost is good
  • D. Schedule is bad, cost is bad

Answer: A

Explanation:
Schedule Performance Index (SPI): This measures schedule efficiency and is calculated as:
SPI = Earned Work Hours / Scheduled Work Hours
SPI = 105,000 / 100,000 = 1.05 (indicating the project is ahead of schedule) Cost Performance Index (CPI): This measures cost efficiency and is calculated as:
CPI = Earned Work Hours / Actual Work Hours Paid
CPI = 105,000 / 110,000 = 0.955 (indicating cost overrun)
Even though the project is slightly ahead of schedule, the cost performance is poor, resulting in a bad cost status despite a seemingly good schedule status. Thus, the overall interpretation should be cautious, but with cost considered primary, the correct conclusion is that the schedule is good, but cost is bad.


NEW QUESTION # 66
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. 0
  • C. $55.00
  • D. 338.5

Answer: B

Explanation:
You need to determine the relative frequency of unit costs amounting to $55.00/unit.
Steps:
Identify the number of times the $55.00/unit cost appears:
Cincinnati, OH, USA (3/11/03): $55.00
Atlanta, GA, USA (8/31/05): $55.00
Total occurrences: 2
Calculate the relative frequency as a percentage (number of occurrences/total entries).
There are 8 total entries.
Relative frequency: 28×100=25%frac{2}{8} times 100 = 25%82​×100=25%
However, as the provided options are specific and related to absolute frequency:


NEW QUESTION # 67
In the application of the benefit/cost method of analysis, what are the criteria for determining whether a proposed project is acceptable?

  • A. B/C is > minimum ROR
  • B. B/C is >1.0
  • C. B/C is - 1.0
  • D. B/C is <1.0

Answer: B

Explanation:
In the benefit/cost (B/C) method of analysis, the criterion for determining whether a proposed project is acceptable is if the Benefit/Cost ratio (B/C) is greater than 1.0. This indicates that the benefits of the project outweigh the costs, thus making the project economically viable. A B/C ratio of exactly 1.0 suggests that the benefits are just sufficient to cover the costs, while a ratio greater than 1.0 indicates a profitable investment.


NEW QUESTION # 68
Cost performance index (CPI) is defined by AACE International as: (assume no change in budgeted quantities)

  • A. BCWP/ACWP
  • B. ACWP/BCWS
  • C. BCWS/BCWP
  • D. ACWP/BCWP

Answer: A

Explanation:
The Cost Performance Index (CPI) is a crucial metric in project management, particularly within the realm of cost control. According to the Association for the Advancement of Cost Engineering (AACE) International, the CPI is calculated as:
CPI = BCWP / ACWP
Where:
BCWP (Budgeted Cost of Work Performed): Also known as Earned Value (EV), BCWP represents the budgeted cost for the work that has actually been completed by a specific point in time.
ACWP (Actual Cost of Work Performed): This is the actual cost incurred for the work completed by that same point in time.
The CPI is an index that measures the cost efficiency of budgeted resources for a project. A CPI of 1.0 indicates that the project is on budget, as the actual cost matches the earned value. A CPI greater than 1.0 suggests that the project is performing well in terms of cost (i.e., it is under budget), while a CPI less than 1.0 indicates that the project is over budget.
This metric is vital in cost estimating and control, as it provides project managers with a quantifiable indicator of cost performance, helping them make informed decisions to maintain or correct the project's financial trajectory.


NEW QUESTION # 69
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