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AACE International Certified Cost Professional (CCP) Exam Sample Questions (Q123-Q128):

NEW QUESTION # 123
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, flipchart, computer projector, laser pointer and consulting with others where appropriate
C. Goals, an agenda, preparation, control, good listening skills and relevant discussions
D. Goals, an agenda, preparation, conclusions, control and conversations that are relevant

Answer: D

NEW QUESTION # 124
A schedule's late dates are calculated during the:

A. Loop calculations
B. Float
C. Forward pass
D. Backward pass

Answer: D

NEW QUESTION # 125
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.
You are reporting on a roadway project, which was estimated to be 10 miles of road. It was scheduled to be completed in 16 weeks, which is this week. According to your calculations, the project has a schedule performance index of 0.80. What would you advise the management about the scheduled completion date?

A. Project will be completed in 4 more weeks
B. Project will be completed this week - on schedule
C. Project will be completed in 20 more weeks
D. Project will be completed in 12.8 more weeks

Answer: A

Explanation:
The Schedule Performance Index (SPI) is a measure of schedule efficiency and is calculated as:
SPI=Earned Value (EV)Planned Value (PV) ext{SPI} = rac{ ext{Earned Value (EV)}}{ ext{Planned Value (PV)}}SPI=Planned Value (PV)Earned Value (EV) An SPI of 0.80 indicates that the project is progressing at 80% of the planned rate. To find the total time needed to complete the project:
Adjusted Schedule Duration=Original DurationSPI=16 weeks0.80=20 weeks ext{Adjusted Schedule Duration} = rac{ ext{Original Duration}}{ ext{SPI}} = rac{16 ext{ weeks}}{0.80} = 20 ext{ weeks}Adjusted Schedule Duration=SPIOriginal Duration=0.8016 weeks=20 weeks Since 16 weeks have already passed, the project will require 4 more weeks to complete. Hence, the correct answer is C. Project will be completed in 4 more weeks.

NEW QUESTION # 126
_____________is defined as the budget for the cost (work) account times the percent complete for that account.

A. Percent complete
B. Forecast
C. Cost to complete
D. Earned value

Answer: D

Explanation:
Earned Value (EV) is a key concept in project management, particularly in cost management and performance measurement. It is defined as the budgeted amount for the work actually completed by a specific point in time. This is calculated as the budget for the cost (work) account multiplied by the percentage of completion for that account.
For example, if a work package has a total budget of $100,000 and is 50% complete, the earned value for that work package would be $50,000. EV is essential in performance measurement because it allows project managers to assess how much of the planned work has been completed at a certain cost, providing a clear indicator of project progress and efficiency.

NEW QUESTION # 127
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?

A. Home office detail, specific vendor quotes, preliminary quantities with labor and material factors applied
B. Square footage of buildings, factored indirects, types of rides and exhibits identified, utility requirements, conceptual layouts
C. Detailed construction drawings, quantity takeoffs, detailed labor hours and material costs applied, quotes from all major subcontractors
D. Utility requirements, detailed building plans and (- specifications, types of rides and exhibits identified, all vendor quotes or estimates received from subcontractors

Answer: D

NEW QUESTION # 128
......

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