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NEW QUESTION 27
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. There are unknowns that affect the final cost of a project
- B. Contingency cushion
- C. It makes up for the lack of time to develop a real estimate
- D. It is a government requirement
Answer: A
NEW QUESTION 28
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.
Resource planning must take all of the following into account except:
- A. Time available to complete the project
- B. Cash flow (expenditures) limitations for completing work on the project
- C. Earned value techniques established for the project
- D. Types of materials, equipment and labor skills required to complete the project
Answer: C
NEW QUESTION 29
The purpose of a communication must be understood by ____________ if the message is to be clear to the
- A. Workers; management
- B. Management; workers
- C. The speaker; the receiver
- D. The receiver; the speaker
Answer: B
NEW QUESTION 30
A systematic coding structure for organizing and managing scope, assets, cost, resources, work and schedule activity information is a______________.
- A. Cost estimate classification
- B. Cost breakdown structure
- C. Schedule identification number
- D. Code of accounts
Answer: D
NEW QUESTION 31
Some of the principles of good communication are:
- A. Tell the other person what to do; give insincere praise; psychoanalyze the other person; make light of a serious problem; do not gain the trust of anyone; always have a hidden agenda
- B. Seek to clarify your ideas before communicating; examine the true purpose of each communication; consider the total physical and human setting whenever you communicate; be mindful, while you communicate, of the overtones as well as the basic content of the message
- C. Use short words; avoid jargon; avoid acronyms and abbreviations; use complete sentences; have a beginning, middle and end; be accurate; be interested in what topic is being communicated
- D. The social process by which people in a specific situation construct meaning using symbolic behavior
Answer: C
NEW QUESTION 32
Money is value. Having money when you need it is very important. Money can also be valuable when used wisely by knowing when to spend and when to conserve Also, planning now for future expenses can be a plus to the company rather than a debit.
There are several ways to capitalize money and spending. Basically there is the single payment method that has a compound amount factor and a present worth factor. There is the uniform annual series that has a sinking fund factor, capital recovery factor and also the compound amount factor and present worth factor. At this point, we can assure money is worth 10%.
The following question requires your selection of CCC/CCE Scenario 7 (4.8.50.1.1) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
If the company needs to repay a loan of $100,000 in 10 uniform annual payments, how much will each payment be?
- A. $15,937
- B. $16,380
- C. $16,578
- D. $16,273
Answer: D
NEW QUESTION 33
Cost performance index (CPI) is defined by AACE International as: (assume no change in budgeted quantities)
- A. BCWP/ACWP
- B. BCWS/BCWP
- C. ACWP/BCWS
- D. ACWP/BCWP
Answer: A
NEW QUESTION 34 
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. 3.5%
- B. 2.5%
- C. 4.6%
- D. 6.6%
Answer: B
NEW QUESTION 35
The process of stating goals and determining the most effective way of reaching them is the definition for:
- A. Mission Statement
- B. Planning
- C. Implementing
- D. Managing
Answer: B
NEW QUESTION 36
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. Break down the technology into components
- B. Use historical data from past projects
- C. Adjust known data from existing rides
- D. Call vendors for quotes
Answer: C
NEW QUESTION 37 
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.
A reason for using a Construction Manager type agreement is:
- A. To better coordinate contractors and subcontractors as in Type B
- B. Coordinate the owner and engineer as in Type A
- C. To better coordinate subcontractors
- D. To better coordinate contractors
Answer: B
NEW QUESTION 38 
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?
- A. $21.57
- B. $485.00
- C. $48.22
- D. $26.65
Answer: B
NEW QUESTION 39
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 determine cost overruns of critical path activities
- B. The ability to show slippage in the progress of key activities
- C. Reveals activities that additional resources need to be dedicated toward
- D. The ability to identify activities that cannot have their schedules slip if the desired project end date is to be achieved
Answer: A
NEW QUESTION 40
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.
The main financial objective of many enterprises is:
- A. To maximize the total long-term economic return
- B. Subject to a well-conceived quality control plan
- C. Dependent on the backlog projects and the availability of resources
- D. To balance opportunities and risks
Answer: A
NEW QUESTION 41
Which of the following best describes the concept of total cost management:
- A. An integrating process that maps the fields of practice of cost engineering without linking it to project management, resource management, or accounting
- B. The practices and processes utilized to manage the total life cycle cost investment in a portfolio of strategic assets
- C. A job cost system for ensuring all aspects of a particular manufacturing process are accumulated completely
- 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: A
NEW QUESTION 42
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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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