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Achieving the AACE International CCP designation is a significant achievement in a cost engineering career. Certified Cost Professional (CCP) Exam certification indicates a demonstrated knowledge of cost and project management principles and highlights the holder's ability to apply cost engineering principles in real-world situations. The benefits of earning a CCP certification extend beyond career advancement, as it also enables professionals to contribute positively to the industry and become globally recognized as experts in the field. Therefore, if you are looking to advance your career in the cost engineering field, the AACE International CCP certification is the right step in achieving your goals.
Introduction to AACE-International CCP: Certified Cost Professional (CCP) Exam
Founded in 1956, AACE (international) is a prominent, non-profit professional company. AACE is the biggest company in the whole range of cost management. It is a member-driven association that serves the profession worldwide. Members have the resources to improve their performance throughout their careers. There are more than 9,000 members in over 100 countries across the globe. The AACE Global Salary Report shows that CCP's make higher than those without certification throughout their careers. You demonstrate that you have the highest professional level in the business today when you get your costs' certification. In different phases of the industrial project, the Certified Cost Professional (CCP) program teaches you estimation, planning and control methods. Your career will start with this information. The certification course complies with the worldwide standards established by the AACE, the global cost engineering organization. The course enables you to take the steps required to become a certified cost specialist (CCP). The CCP credentials are one of the world's best-known certifications for sustainable development and cost management. CCP exam dumps and CCP tests are also accessible online and the students are strongly urged to study these exam dumps as they are the best resources for the study. As usual, we suggest a mix of real world experience, instruction and consciousness in the areas outlined in the Test Outline part of this examination guideline as exam preparation.
The test is conducted through computer-based testing (CBT) and comprises numerous and test-like questions. This exam is a textbook closed. Pre-programmed calculations are also permitted. See CCP exam dumps for a paper format understanding. This examination establishes a structure for the official assessment of the person's knowledge and skills in a topic against widely accepted criteria. It honors individuals who have shown their planning and execution knowledge and competence.
NEW QUESTION # 31
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, control, good listening skills and relevant discussions
- C. Goals, an agenda, preparation, conclusions, control and conversations that are relevant
- D. Goals, an agenda, flipchart, computer projector, laser pointer and consulting with others where appropriate
Answer: C
NEW QUESTION # 32
____________ is the application of total resources ($-workers-supports) and activity durations of the logic diagram.
- A. Modeling
- B. Scheduling
- C. Planning
- D. Forecasting
Answer: B
NEW QUESTION # 33 
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.
Given a unit price contract between the owner and contractor, each assumes the following:
- A. Contractor can perform at or below bid unit rate, owner quantities are within estimate range
- B. Bid unit rate, owner quantities can exceed estimate range Contractor can perform above
- C. Contractor can perform at or below bid unit rate, owner quantities can exceed estimate range
- D. Bid unit rate, owner quantities are within estimate range
Answer: A
NEW QUESTION # 34
Any combination of unique letters, numbers, or blanks, which describes and identifies any activity or task shown on the schedule, is:
- A. Activity ID
- B. Resource
- C. Account number
- D. WBS Code
Answer: A
NEW QUESTION # 35
A systematic coding structure for organizing and managing scope, assets, cost, resources, work and schedule activity information is a______________.
- A. Schedule identification number
- B. Cost breakdown structure
- C. Cost estimate classification
- D. Code of accounts
Answer: D
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.
According to Maslow's hierarchy of needs, which level should be satisfied first?
- A. Safety needs
- B. Self-actualization
- C. Ego-status
- D. Physiological
Answer: D
NEW QUESTION # 37
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 would NOT be considered part of a project cost and schedule forecast?
- A. Changes to the project execution plan
- B. Peripherals report
- C. Usage of contingency
- D. Current trends of time and money
Answer: B
Explanation:
A peripherals report is not typically considered part of a project cost and schedule forecast. Forecasts generally focus on usage of contingency, current trends of time and money, and changes to the project execution plan. These elements directly impact the financial and scheduling aspects of a project. A peripherals report might refer to ancillary details or additional documentation that doesn't directly influence cost or schedule forecasts. Hence, the correct answer is C. Peripherals report.
NEW QUESTION # 38
A work breakdown structure (WBS) is developed because:
- A. It can be illustrated by a simple bar, with important milestones represented by symbols at the planned time of occurrence
- B. It defines specific tasks within a project from which schedules can be developed; it aids in linking activities with resources; it facilitates communication; and it allows integration of project plans
- C. It can be illustrated by individual bars for major phases, such as permitting, funding, engineering, procurement construction, commission/startup
- D. It avoids omissions of key product activities through a systematic planning process; removes the complexity of the project by dividing it into manageable units; and provides a framework.
Answer: B
NEW QUESTION # 39
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. Lump sum
- B. Lump sum + incentive
- C. Cost plus
- D. Unit Rate
Answer: C
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 # 40
The purpose of a communication must be understood by ____________ if the message is to be clear to the
- A. The receiver; the speaker
- B. Workers; management
- C. Management; workers
- D. The speaker; the receiver
Answer: C
NEW QUESTION # 41
An effort by a prime contractor to reduce the price quoted by a vendor, by providing the bid price to other vendors in an attempt to get the other vendors to underbid the original price quoted is referred to as:
- A. Bid shopping
- B. Costing
- C. Cost-price analysis
- D. Negotiating a best and final offer
Answer: A
Explanation:
Bid shopping is an unethical practice where a prime contractor discloses a vendor's bid price to other vendors to encourage them to underbid the original price quoted. This practice can lead to lower quality work or unfair pricing pressures on vendors and is generally frowned upon in the construction industry.
Option A: Costing refers to the process of determining the cost of a product or service, not the manipulation of bids.
Option B: Cost-price analysis involves evaluating the costs and prices of goods or services, not bid manipulation.
Option D: Negotiating a best and final offer is a legitimate practice in procurement to get the best price after initial bids are received but does not involve unethical disclosure of bid prices.
Therefore, C. Bid shopping is the correct answer as it describes the specific practice of using one vendor's bid to undercut prices from others.
NEW QUESTION # 42
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.
Profits that could not be formally recognized during a specific financial accounting period because the goods and services did not satisfy all the customer's requirements are:
- A. Incurred profits
- B. Marginal profits
- C. Lost profits
- D. Postponed profits
Answer: D
NEW QUESTION # 43
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.
An unbalanced bid methodology can best be used by:
- A. Engineer/contractor working for the owner (Plan B)
- B. Subcontractor working for contractor (Plan A or B)
- C. Engineer working for the owner (Plan A)
- D. Contractor working directly for engineer (plan A or B)
Answer: D
Explanation:
Given Scenario:
The question is similar to Question 83, asking who can best use an unbalanced bid methodology.
The correct answer here remains consistent with the logic applied in Question 83. Subcontractors working for contractors in both organizational plans can leverage unbalanced bids.
Answer : B. Subcontractor working for contractor (Plan A or B)
NEW QUESTION # 44
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 would NOT be considered part of a project cost and schedule forecast?
- A. Changes to the project execution plan
- B. Peripherals report
- C. Usage of contingency
- D. Current trends of time and money
Answer: B
NEW QUESTION # 45
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.
Given a unit price contract between the owner and contractor, each assumes the following:
- A. Contractor can perform at or below bid unit rate, owner quantities are within estimate range
- B. Bid unit rate, owner quantities can exceed estimate range Contractor can perform above
- C. Contractor can perform at or below bid unit rate, owner quantities can exceed estimate range
- D. Bid unit rate, owner quantities are within estimate range
Answer: A
Explanation:
Given Scenario:
The scenario involves a unit price contract between the owner and the contractor.
A unit price contract stipulates that the owner will pay the contractor for the actual quantities used at the bid unit rates. Typically, the contractor agrees to perform at or below the bid unit rate, while the owner may account for the possibility that the quantities could exceed the estimated range. The scenario best fits with the concept that:
The contractor can perform at or below the bid unit rate.
The owner recognizes that quantities may vary but are expected to be within an estimated range.
NEW QUESTION # 46
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.
Five years from now it is required the company have $100,000. How much money should be invested at the end of each year to reach this?
- A. $13,168
- B. $15,937
- C. $16,380
- D. $15,397
Answer: C
NEW QUESTION # 47
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AACE International CCP certification exam is open to experienced professionals who meet the eligibility requirements. The eligibility criteria for the CCP certification includes a minimum of five years of professional experience, a bachelor’s degree or higher in a related field, and completion of AACE’s Cost Engineering Body of Knowledge (CEBoK) education program. Candidates who meet the eligibility requirements must pass the CCP certification exam to earn the title of a Certified Cost Professional.
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