CCP Practice Test

AACE International CCP – Certified Certified Cost Professional (CCP)

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What is AACE?

A

ACE International (formerly the Association for the Advancement of Cost Engineering) was founded in 195 6 by 59 cost estimators and cost engineers during the organizational meeting of the American Association of Cost Engineering at the University of New Hampshire in Durham, New Hampshire.







What is Cost Engineering?

C

ost engineering is the engineering practice devoted to the management of project cost, involving such activities as estimating, cost control, cost forecasting, investment appraisal and risk analysis." "Cost Engineers budget, plan and monitor investment projects.







Certification

Technician Level Certifications Certified Cost Technician (CCT) A CCT is an individual who has demonstrated proficiency in the basic skills and knowledge of total cost management. Generally , those seeking CCT certification represent early-career, young professionals who have not yet achieved the requisite years of experience needed needed to become certified as a Certified Cost Professional (CCP), (CCP), or experienced mid- to late-career late-career professionals professionals who are working to advance their cost engineering skills.

Certified Scheduling Technician (CST)







Certification

Professio Professional nal - Level Level Certifications Certifications Certified Cost Professional (CCP) A CCP is an experienced practitioner with advanced knowledge and technical expertise to apply the broad principles and best practices of Total Cost Management (TCM) in the planning, execution and management of any organizational project or program. CCPs also demonstrate the ability to research and communicate aspects of TCM principles and practices to all levels of project or program stakeholders, both internally and externally.

Certified Estimating Professional (CEP)







Decision & Risk Management Professional (DRMP) A DRMP is a senior-level practitioner with business experience in life cycle asset and project management with exhibited knowledge and skills ranging from analytical to socio/psychological to management. A DRMP also has extensive technical experience in specialized specialized tools and services such as decision analysis, analysis, cost risk and uncertainty analysis, and schedule risk analysis. DRMPs demonstrate strong communication skills to connect with all levels of project stakeholders and are increasingly employed by owners and stakeholders in their decision making process – whether it is for a go, no-go decision on an investment interest or determination of time and cost contingency amounts for capital projects.

Earned Value Professional (EVP) An EVP is a practitioner of Earned Value with demonstrated mastery of contract language as it relates to Earned Value application , the organization of a project’s scope into meaningful structure for execution; planning scheduling and budgeting the project work from initiation through close out using an integrated cost/schedule tool; highly proficient in monitoring project progress for performance measurement; an earned value management system (EVMS) and its related accounting









Certified Cost Professional (CCP) A CCP is an experienced practitioner with advanced knowledge and technical expertise to apply the broad principles and best

















Question No 1: 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









Question No 2: 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









Question No 3: 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









































CCP Practice Test

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