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AACE International CCP

Certified Cost Professional


(CCP)

What is AACE?

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?

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 to become certified as a Certified Cost Professional (CCP), or experienced mid- to late-career professionals
who are working to advance their cost engineering skills.

Certified Scheduling Technician (CST)


A CST is an individual who has demonstrated proficiency in the general skills and knowledge of the scheduling process
within the AACE International Total Cost Management (TCM) framework. Generally, CST represents early-career professionals
who are working to gain the requisite years of experience, to become a certified Planning & Scheduling Professional (PSP)
or more experienced mid- to late-career professionals who wish to be recognized for their planning and scheduling skills.

Certification

Professional - Level 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)


A CEP is a professional with vital expertise to contribute to the economic evaluation of potential projects by supporting the
development of budgets, project resource requirements and value engineering. By applying the estimating body of knowledge
as outlined in AACEs Recommended Practice 46R-11, the CEP estimates costs of a determined scope in order to advise
management on project funding decisions. The CEPs ability to clearly communicate cost estimates, both verbally and written,
to all project stakeholders is critical to their success.

Certified Forensic Claims Consultant (CFCC)


A CFCC is an experienced claims professional and testifying expert working in the construction dispute resolution
and litigation support arenas. With emphasis on claims arising from design and construction projects in countries
with common law or mixed law, where common law is part of mixed law, the CFCC represents practitioners and
specialists who meet a demanding set of claims preparation and dispute resolution criteria comprising of
experience, education, and compliance with industry-accepted ethical requirements.

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 tools and services such as decision 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 projects 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
component used to record actual costs for a project or activity; generating relevant reports, understanding and analyzing the
information reported, using actual cost data from, or reconcilable with, the accounting system for management of a project or
activity; and managing change to the scope of work and/or any deviation, performance trend, or change to an approved or
baseline project control plan, throughout the life-cycle of a project or portfolio of projects in the public and/or private sector.
The experienced EVP will have broad experiences in the interpretation of the EV data/metrics and possess the skills to provide
coherent, relevant communications (oral and written) to all levels of project stakeholders (internal and external).

Planning & Scheduling Professional (PSP)


A PSP is a skilled planning and scheduling professional with advanced experience in project planning, and
developing, monitoring, updating, forecasting and analyzing integrated project schedules. The PSP leads the
planning and scheduling process within the AACE International Total Cost Management (TCM) framework. A PSP is
able to communicate effectively with all project stakeholders, both internal and external.

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.

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Here are some questions that will help you in your exam

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
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. Call vendors for quotes
C. Use historical data from past projects
D. Adjust known data from existing rides
Answer: D

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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
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.
How many years will it take to earn $400 in interest on $800 at 4% compounded annually?
A. 10 years
B. 11 years
C. 12 years
D. 13 years
Answer: A

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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
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 project scheduler left the company and has left unfinished work. You have been hired
as the new project scheduler and must update the existing schedule. What will be your first
task?
A. Recalculate the early finish for each activity
B. Recalculate the early start for each activity
C. Update the remaining duration for each activity
D. Recalculate the critical path
Answer: D

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Question No 4:
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, preparation, conclusions, control and conversations that are relevant
C. Goals, an agenda, preparation, control, good listening skills and relevant discussions
D. Goals, an agenda, flipchart, computer projector, laser pointer and consulting with others where
appropriate
Answer: B

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Question No 5:
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 5 - order of magnitude estimate with +50% / -30% accuracy
B. Class 1 - order of magnitude with +30% / -30% accuracy
C. Class 4 - budget estimate with +30% / -15% accuracy
D. Class 2 - definitive estimate with +15%/-5% accuracy
Answer: A

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Question No 6:
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.
When analyzing a precedence diagram schedule, the "backward pass"
A. Allows total float to be calculated
B. Determines the duration of each activity
C. Calculates the earliest allowable start and finish times for the activities in the schedule
D. Allows activities to finish as soon as all their 'predecessor' relationships are satisfied
Answer: C

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Question No 7:
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.
A. The ability to determine cost overruns of critical path activities
B. The ability to identify activities that cannot have their schedules slip if the desired project end date
is to be achieved
C. Reveals activities that additional resources need to be dedicated toward
D. The ability to show slippage in the progress of key activities
Answer: A

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Question No 8:
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.
In an exit interview, an employee comments that the reason he is leaving the organization
is lack of teamwork and cohesion among his co-workers. Which need of Maslow's
hierarchy of needs is unmet?
A. Belongingness needs
B. Primary needs
C. Self-actualization needs
D. Esteem needs
Answer: A

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Question No 9:
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 makes up for the lack of time to develop a real estimate
C. It is a government requirement
D. There are unknowns that affect the final cost of a project
Answer: D

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Question No 10:

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. $26.65
C. $48.22
D. $485.00
Answer: D

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AACE International CCP


Certified Cost Professional
(CCP)