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The CCP certification is recognized globally and is highly valued by employers in a variety of industries, including construction, engineering, and manufacturing. Professionals who hold the CCP certification are often sought after for their expertise in managing and controlling project costs, improving productivity, and reducing waste.
The Certified Cost Professional (CCP) exam offered by AACE International is a highly respected certification program that validates a professional's knowledge and expertise in the field of cost engineering. Certified Cost Professional (CCP) Exam certification is globally recognized and demonstrates a professional's ability to effectively manage and control project costs while maintaining their schedule and quality requirements. AACE International, the professional organization responsible for administering the CCP exam, has been providing cost engineering certifications for over 60 years, and the CCP is one of their most highly regarded programs.
AACE International CCP certification is designed to help professionals acquire advanced skills in project cost control and management. Certified Cost Professional (CCP) Exam certification exam assesses candidates’ knowledge in controlling project costs, analyzing data, and preparing effective and efficient cost estimates. The CCP certification exam comprises of 120 multiple-choice questions and candidates are given a four-hour time limit to complete the exam.
NEW QUESTION # 54
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. Belonging needs
- C. Power needs
- D. Safety needs
Answer: A
Explanation:
An award acknowledging employees' achievements is being given.
Maslow's Hierarchy of Needs:
The hierarchy includes five levels: Physiological, Safety, Belongingness, Esteem, and Self-actualization.
Awards and recognition typically fulfill Esteem needs, which include self-respect, achievement, and the respect of others.
Answer : D. Self-actualization
NEW QUESTION # 55
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. Precedence and arrow diagram methods only
- B. Precedence diagram method
- C. Gantt chart (bar chart) method
- D. Arrow diagram method
Answer: A
Explanation:
Given Scenario:
Methods for creating critical path schedules are inquired.
The Precedence Diagramming Method (PDM) and Arrow Diagramming Method (ADM) are commonly used for critical path schedules. The Gantt chart, while useful for visualizing schedules, does not inherently calculate the critical path.
NEW QUESTION # 56
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 1 - order of magnitude with +30% / -30% accuracy
- B. Class 5 - order of magnitude estimate with +50% / -30% accuracy
- C. Class 4 - budget estimate with +30% / -15% accuracy
- D. Class 2 - definitive estimate with +15%/-5% accuracy
Answer: B
NEW QUESTION # 57
refers to the process of calculating and reporting the non-monetary functions of the strategic asset portfolio.
- A. Asset project reporting
- B. Asset investment decision and funding
- C. Asset performance measurement
- D. Asset performance assessment
Answer: C
Explanation:
Asset performance measurement refers to the systematic process of evaluating and reporting the non-monetary functions or performance of a strategic asset portfolio. This includes assessing factors such as utilization, efficiency, condition, and other qualitative aspects that contribute to the strategic value of the asset portfolio. These measures are critical for informed decision-making regarding asset management and optimization, aligning with long-term strategic goals.
NEW QUESTION # 58
An American company plans to acquire a new press machine from a Dutch manufacturer under the following conditions. One question remaining to be answered is the expected amount of capital recovery when salvage is accounted for.
The following question requires your selection el Scenario 1.4.150 from the right side of your split screen. using the drop down menu to reference during your response/choice of responses.
Based on your analysis, should the press be purchased?
- A. CR is not a factor in this decision
- B. Not enough data to determine
- C. Yes
- D. No
Answer: C
Explanation:
Based on the capital recovery analysis and considering the salvage value and the cost of capital, if the calculated capital recovery value is favorable and meets the investment criteria, the correct conclusion is that the press should be purchased. Thus, the correct answer is D. Yes.
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NEW QUESTION # 59
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 following question requires your selection of CCC/CCE Scenario 17 (4.2.50.1.1) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
Assuming a 53% tax rate, how much cumulative depreciation will have been claimed at the end of the grain elevator's life span?
- A. None
- B. $80,000
- C. $37,600
- D. $42,400
Answer: B
Explanation:
Straight-line depreciation means that the cost of the asset is evenly spread over its useful life. Given that the grain elevator has a cost of $80,000 and a lifespan of 25 years, the cumulative depreciation at the end of its life span would be the entire initial cost of the asset. Since there is no salvage value, the full $80,000 will be depreciated over 25 years. Thus, the correct answer is D. $80,000.
NEW QUESTION # 60
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)?
- A. 0.96
- B. 0.88
- C. 1.14
- D. 0.84
Answer: D
Explanation:
The Cost Performance Index (CPI) is calculated using the formula:
CPI=Earned Value (EV)Actual Cost (AC)\text{CPI} = \frac{\text{Earned Value (EV)}}{\text{Actual Cost (AC)}}CPI=Actual Cost (AC)Earned Value (EV) Where:
EV (Earned Value) is the percentage of completion multiplied by the total budgeted hours.
AC (Actual Cost) is the total hours expended.
Given:
Total Budgeted Hours = 12,000 hours
Percent Complete = 66%
Actual Hours Expended (AC) = 9,375 hours
EV=12,000×0.66=7,920 hours\text{EV} = 12,000 \times 0.66 = 7,920 \text{ hours}EV=12,000×0.66=7,920 hours CPI=7,9209,375≈0.84\text{CPI} = \frac{7,920}{9,375} \approx 0.84CPI=9,3757,920≈0.84 So, the correct answer is B. 0.84.
NEW QUESTION # 61
A used concrete pumping truck can be purchased for $125,000. The operation costs are expected to be $65,000 the first year and increase 5% each year thereafter. As a result of the purchase, the company will see an increase in income of $100,000 the first year and 5% more each subsequent year. The company uses straight-line depreciation. The truck will have a useful life of five (5) years and no salvage value. Management would like to see a 10% return on any investment. The company's tax rate is 28%.
Which of the following statements of the measures of central tendency is correct?
- A. The mode only uses the two extreme values and ignores the test of the data set
- B. The mode would be frequently applied in marketing to determine shirt sizes or shoes sizes
- C. The mean is the measure that of the large data set
- D. The median is the measure that is mostly affected by extreme values
Answer: B
Explanation:
The mode is the value that appears most frequently in a data set. It is particularly useful in marketing for determining common sizes such as shirt or shoe sizes because these are typically based on the most commonly occurring values in a population. The other options incorrectly describe the characteristics of central tendency measures. Therefore, the correct answer is D. The mode would be frequently applied in marketing to determine shirt sizes or shoe sizes.
NEW QUESTION # 62
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.
In the A relationship, the subcontractor might use an unbalance bid to:
- A. Decrease the chances of extended claim litigation
- B. Provides an alternative to competitive bidding
- C. Reduce the risk of quantities being greater than estimated
- D. To get more payment early in the job
Answer: D
Explanation:
Given Scenario:
The question is asking what a subcontractor might achieve by using an unbalanced bid in the structure shown as Plan A.
An unbalanced bid is a bidding strategy where the subcontractor assigns higher costs to early stages of work. This allows the subcontractor to receive more money early in the project, reducing their financial risk and providing better cash flow.
NEW QUESTION # 63 
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?
- A. 14,201
- B. 16,215
- C. 10,526
- D. 12,000
Answer: C
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.
Select the statement that best describes the method to estimate the cost of the new rides:
- A. Use historical data from past projects
- B. Adjust known data from existing rides
- C. Break down the technology into components
- D. Call vendors for quotes
Answer: C
Explanation:
When estimating the cost of new, unique ride technology for which there is no historical data, the best approach is to break down the technology into components. This method involves dividing the new technology into smaller, more manageable parts, for which costs can be more easily estimated. By analyzing each component separately, you can apply known costing methods or seek specific vendor quotes for each part. This approach allows for a more accurate estimate when dealing with novel or complex technologies.
NEW QUESTION # 65
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.
If the owner in B has as his primary goal to get the project completed and on line as fast as possible, then he would most likely use the ______________type of contract.
- A. Cost plus
- B. Lump sum
- C. Unit Rate
- D. Lump sum + incentive
Answer: A
Explanation:
If the owner in scenario B has the primary goal of getting the project completed and operational as quickly as possible, a Cost Plus contract type is most likely to be used. This contract type allows for flexibility in managing costs, and the contractor is reimbursed for all costs plus a fee. It motivates the contractor to expedite the project since the costs are covered, and any additional effort is compensated. Therefore, the correct answer is A. Cost plus.
NEW QUESTION # 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.
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. Belonging needs
- C. Power needs
- D. Safety needs
Answer: A
NEW QUESTION # 67
If a project is said to be on a "fast track program/' the fast track method is:
- A. Simultaneous working engineering, procurement, and construction, with appropriate overlap from each phase of work so that delays are eliminated and all the work is streamlined into a correct plan of logic/sequence and duration for all of the work
- B. Revising the schedule logic to make it possible to identify constraints of faulty logic; revising the durations in the n p schedule that have been based on assumptions regarding the \hay the work would be performed; revise the resources to work multiple shifts; evaluate the use of overtime
- C. First completing engineering and procurement, then executing construction
- D. Analyzing the project and specifying the basic approach to be used in its execution; segmenting the project into reasonable number of activities; estimating the time required to perform each activity; placing the activities in time order, considering both sequential and parallel performance
Answer: A
Explanation:
The fast track method in project management is a technique that involves overlapping the phases of engineering, procurement, and construction. Instead of completing these phases sequentially (which is typical in traditional project management), fast tracking allows for simultaneous work on these phases with appropriate overlap. The goal is to reduce the overall project duration by eliminating delays and streamlining the work into a logical and efficient sequence. This method is often used in projects where time is a critical factor.
Option B describes a traditional sequential approach, not fast tracking.
Option C outlines the process of project scheduling and planning, which involves sequencing activities but does not address the simultaneous execution of phases.
Option D focuses on schedule revision and constraint identification, not the simultaneous execution characteristic of fast tracking.
Thus, A. Simultaneous working engineering, procurement, and construction is the correct answer.
NEW QUESTION # 68
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. 4.24
- B. 4.31
- C. 4.62
- D. 4.10
Answer: B
Explanation:
Year 1 Index=4.20×(1+0.01)=4.242 Year 2 Index=4.242×(1+0.015)≈4.305\text{Year 2 Index} = 4.242 \times (1 + 0.015) \approx 4.305Year 2 Index=4.242×(1+0.015)≈4.305 Rounding to two decimal places: Year 2 Index≈4.31\text{Year 2 Index} \approx 4.31Year 2 Index≈4.31
NEW QUESTION # 69
When a person hears the words being said to him/her, but does not receive the message of the words, it is called
- A. Judgmental listening
- B. Directive listening
- C. Reflective listening
- D. Passive listening
Answer: D
NEW QUESTION # 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.
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.
- A. Need satisfaction
- B. Belonging needs
- C. Esteem
- D. Self-actualizations
Answer: D
Explanation:
Given Scenario:
Cost engineers feel completely satisfied and fulfilled by their work.
Maslow's Hierarchy of Needs:
The stage where individuals feel fulfilled and have reached their full potential is called Self-actualization.
NEW QUESTION # 71
A breach of contract can only occur when which of the following conditions is (are) present?
1. The item must be contrary to the intent of the parties
2. The item must be contrary to the contract terms and conditions
3. The injured party must actually sustain additional or excess costs
- A. Items 2 and 3
- B. Items 1 and 2
- C. Item 2
- D. Item 1, 2 and 3
Answer: B
Explanation:
A breach of contract occurs when one party fails to fulfill its obligations as specified in the contract. For a breach to be legally recognized, certain conditions must be met:
Key Points:
Contrary to Intent (Item 1):
The breach must contradict the original intent and understanding between the parties when they entered into the contract.
Contrary to Terms and Conditions (Item 2):
The breach must violate specific terms and conditions outlined in the contract.
Excess Costs (Item 3):
While sustaining excess costs can be a consequence of a breach, it is not a necessary condition to prove a breach has occurred. The breach itself is sufficient if it violates the contract's terms or the intent of the agreement.
Conclusion: The correct answer is D. Items 1 and 2 because these are the necessary and sufficient conditions to establish a breach of contract.
NEW QUESTION # 72
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 following question requires your selection of CCC/CCE Scenario 17 (4.2.50.1.1) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
Annual estimated tax would be:
- A. $11,925
- B. $10,500
- C. $3,869
- D. $5,565
Answer: D
NEW QUESTION # 73
A used concrete pumping truck can be purchased for $125,000. The operation costs are expected to be $65,000 the first year and increase 5% each year thereafter. As a result of the purchase, the company will see an increase in income of $100,000 the first year and 5% more each subsequent year. The company uses straight-line depreciation. The truck will have a useful life of five (5) years and no salvage value. Management would like to see a 10% return on any investment. The company's tax rate is 28%.
The value of the truck at the end of year five (5) would be:
- A. $0
- B. $23,366
- C. $14,265
- D. $25,000
Answer: A
Explanation:
Since the truck is being depreciated using the straight-line method over five years with no salvage value, the book value of the truck at the end of the five-year useful life will be $0. This means the entire cost of the truck would have been fully depreciated by the end of the five years.
NEW QUESTION # 74
In order to withdraw $400 at the end of each year for seven years, what amount should be deposited at 6.0% interest to leave nothing in the fund at the end of seven years?
- A. $2,968
- B. $2,483
- C. $2,233
- D. $3,357
Answer: C
NEW QUESTION # 75
As the leas cost engineer for the XYZ Services Company, you have been requested to provide pertinent for an equipment rental decision. The unit price of the food stuffs varies, but an average unit selling process has been determined to be $0.50 cents and the average unit acquisition cost is $0.40 cents.
The following revenue and expense relationships are predicted:
It S480 is the target net profit, then the total sales volume (in dollars) is:
- A. $34,400
- B. $37,500
- C. $32,400
- D. $30,000
Answer: B
Explanation:
To calculate the total sales volume needed to achieve a target net profit of $480, we first find the total required contribution margin:
Required Contribution Margin=Fixed Costs+Target Net Profit=6,000+480=6,480\text{Required Contribution Margin} = \text{Fixed Costs} + \text{Target Net Profit} = 6,000 + 480 = 6,480Required Contribution Margin=Fixed Costs+Target Net Profit=6,000+480=6,480 Using the contribution margin per unit of $0.10, we calculate the required sales volume:
Required Sales Units=6,4800.10=64,800 units\text{Required Sales Units} = \frac{6,480}{0.10} = 64,800 \text{ units}Required Sales Units=0.106,480=64,800 units Then, multiply by the unit sale price:
Total Sales Volume=64,800×0.50=$32,400\text{Total Sales Volume} = 64,800 \times 0.50 = \$32,400Total Sales Volume=64,800×0.50=$32,400 Therefore, $32,400 is the required sales volume to achieve a target net profit of $480.
NEW QUESTION # 76 
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.
If the owner in A has a primary goal of completion within budget, the following contract types with the engineer/contractor would be best:
- A. Engineer - cost plus, contractor fixed price
- B. Engineer - fixed price, contractor fixed price
- C. Engineer fixed price, contactor cost plus
- D. Engineer - cost plus, contractor cost plus
Answer: B
NEW QUESTION # 77
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.
Which of the following should be included in the life-cycle cost analysis of a power plant?
- A. Factory expenses, distribution expenses, mark-up
- B. Construction cost, operating cost, maintenance cost
- C. Capacity factor, end product units, physical dimensions
- D. Resources, work activities, final cost objects
Answer: B
NEW QUESTION # 78
An American company plans to acquire a new press machine from a Dutch manufacturer under the following conditions. One question remaining to be answered is the expected amount of capital recovery when salvage is accounted for.
The following question requires your selection of Scenario 1.4.150 from the right side of your split screen. using the drop down menu, to reference during your response/choice of responses.
Using normally accepted engineering economic practices, what are the two expected methods that should be used to determine the capital recovery costs for the new press?
- A.
- B.
- C.
- D.
Answer: D
Explanation:
To calculate the capital recovery costs for the new press machine, which includes the salvage value, the correct method is to use the approach in Option B:
Annual Depreciation: This represents the cost of the equipment spread over its useful life.
Annual Equivalent Interest: This accounts for the interest on the capital cost over time, which is necessary when considering the cost of capital.
Thus, the correct formulas provided in Option B are:
(1) C.R. = annual depreciation + annual equivalent interest
(2) C.R. = P(A/P, i%, N) - F(A/F, i%, N)
These formulas are typically used in engineering economics to assess capital recovery when both depreciation and interest are considered, along with the salvage value. Therefore, the correct answer is B. Option B.
NEW QUESTION # 79
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