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AACE CCT CERTIFICATION EVALUATION
2026 SOLVED QUESTION COLLECTION
โ Allowances. Answer: Additional resources included in estimates to cover the cost of known but undefined requirements for an individual activity, work item, account, or subaccount [S&K 4th Ed., 1-1; โ Alternate. Answer: A request from the owner for the cost of adding or deleting an item or work element from the basic bid. The cost of adding an item is usually known as an additive alternate, while the cost of deleting an item is known as a deductive alternate โ Bid Documents. Answer: The advertisement for bids, instructions to bidders, information available to bidders, bid form with all attachments, and proposed contract documents (including all addenda issued before the receipt of bids)
โ Change Order. Answer: A document requesting a change or correction; a written change made by the architect / engineer to the contract drawings and/or specifications aster the contract award. Generally, a change order must be approved by the owner/client and the contractor before it becomes a legal change to contract [S&K 4th Ed., 1-2; โ Cost Index. Answer: A number that relates the cost of an item at a specific time to the corresponding cost at some arbitrarily specified time in the past. A cost index is useful in taking known past costs for an item and relating them to the present. [S&K 4th Ed., 1-2]. โ Direct Cost. Answer: Costs that can be directly attributed to a particular item of work or activity [S&K 4th Ed., 1-2]. โ Distributable Cost. Answer: A cost item that is spread over other cost items rather than managed as a separate account [S&K 4th Ed., 1-2].
Answer: A practice function that is targeted at the design itself. The objective of value engineering is to develop or design a facility or item that will yield the least lifecycle costs or provide the greatest value while satisfying all performance and other criteria established for it [S&K 4th Ed.]. โ Types of Estimates. Answer: Order of Magnitude, Budget Estimates, Definitive Estimates โ Order of Magnitude Estimates. Answer: Estimates made without detailed engineering data. An estimate of this type would normally be expected to be accurate within +50 percent or - 30 percent. Order-of-magnitude estimates are sometimes referred to as "conceptual" or "ballpark" estimates. โ Budget Estimates. Answer: Budget estimates are prepared with the help of flow sheets, layouts, and equipment details. In other words, enough preliminary engineering has taken place to further define the project scope. An estimate of this type is normally expected to be accurate within +30 percent or - 15 percent. Since the budget estimate is more definitive than the order-of-magnitude estimate, it is better suited for determining project feasibility and establishing definitive budget. The accuracy
and usefulness of a budget estimate depends, to a large extent, on the amount and quality of information available [S&K 4th Ed., 1-5]. โ Definitive Estimates. Answer: estimates prepared from very defined engineering data. The definitive estimate includes various degrees of detail estimates which could be made from "approved for construction" drawings and specifications. Definitive estimates are also called "check" lump sum, "tender," and "post-contract change estimates. An estimate of this type is usually expected to be accurate within +15 percent or - 5 percent [S&K 4th Ed., 1-5]. โ Class 5 Estimate. Answer: 0% to 2% Level of Project Definition; Screening End Usage โ Class 4 Estimate. Answer: 1% to 15% Level of Project Definition; Concept Study End Usage โ Class 3 Estimate. Answer: 10% to 40% Level of Project Definition; Budget End Usage โ Class 2 Estimate.
b) Employee benefits c) Professional fees d) Insurance e) Office lease or rent f) Office stationary and supplies g) Depreciation h) Maintenance i) Procurement and marketing j) Home office travel and entertainment k) Advertising. Answer: Home Office Overhead โ The following are all considered ____________: a) Bonds b) Permits c) Mobilization d) Professional services e) Safety equipment f) Small tools g) Supervision h) Temporary facilities i) Travel and lodging
j) Miscellaneous costs k) Demobilization. Answer: Job Site Overhead โ Large projects will often use __________ and _________ as components of the overall coding structure.. Answer: work breakdown structures, resource breakdown structures โ A ______ _____ ______is one in which the cost of a new facility is derived from the cost of a similar facility of a known (but usually different) capacity. It relies on the nonlinear relationship between capacity and cost.. Answer: capacity factored estimate โ __________ or ______ ______ methods are used in situations where the total cost of an item or facility can be reliably estimated from the cost of a primary component. This is often referred to as "equipment factor" estimating. Answer: Ratio, factored estimating โ _______ includes charging techniques that various stakeholders in the plan (bidders, contractors, etc) apply to costs in the estimate to allow for overhead and profit, to
โ The best known and most reliable measure of central tendency is the ____. The_____ is the arithmetic average of a group of scores. Answer: mean, mean โ ______ is the middle number when the data observations are arranged in ascending or descending order. If the number n of measurements is even, the _____ is the______of the two middle measurements in the ranking. Answer: median, median, average โ _______ is the measurement that occurs most often in the data set.. Answer: Mode โ If the observations have two modes, the data set is said to have a _____ distribution. When the data set is multi-modal, the mode(s) is on longer a viable measure of the ______ tendency.. Answer: bimodal, central โ In a large data set, the modal class is the _____ containing the largest frequency.. Answer: class โ The _____ is defined as the difference between the lowest and highest score in a distribution of scores..
Answer: range โ The _____ is not considered a stable measurement of variability because the value can change greatly with the change in a single score within the distribution - either the high or low score. Answer: range โ The _____ _____ is more stable than the range because it is based on the spread of the scores through the center of the distribution rather than through the two extremes.. Answer: quartile deviation โ The _____ and the ______ _______ both insensitive to extreme scores in the distribution and should be used accordingly.. Answer: median, quartile โ _____ ____ is a more reliable indicator of the spread of a distribution. It determines the amount each score deviates from the mean of the distribution. Answer: standard deviation โ The positive square root of the variance. Answer: standard deviation
distribution and negative if the tails are "lighter" than for a normal distribution.. Answer: Kurtosis โ Regression analysis provides a "_______" mathematical equation for the relationship between the dependent variable (response) and independent variable(s).. Answer: best-fit โ The _______ test can be used to determine how well theoretical distributions (such as the normal and binomial distributions) fit empirical distributions (i.e., those obtained from sample data). Answer: chi-squared โ The compound rate of interest that when used to discount study period costs and benefits of a project, will make their time- values equal is called _____ _____ of _____.. Answer: internal rate return โ Present value is the value of a benefit or cost found by _____ future ____ ____ to the base time.. Answer: discounting, cash flows
โ The value of a benefit or a cost at some point in the future, considering the time value of money. Answer: Future Value โ A(n) ____ ____ is used to find the best possible choice out of a set of alternatives. It may use the mathematical expression of a problem to maximize or minimize some function.. Answer: optimization model โ Mathematical techniques for solving a general class of optimization problems through minimization (or maximization) of a linear function subject to linear constraints.. Answer: linear programming โ Creation of a physical representation or mathematical description of an object, system or problem that reflects the function or characteristics of the item involved.. Answer: modeling โ The technique of _____ ____ _____ consists of simulating an experiment or model to determine some probabilistic property of a model,system or population of objects or events by use of random sampling to the components of the model, system, objects, or events. Answer: monte carlo simulation
โ The AACE member, to uphold and advance the honor and dignity of Cost Engineering and the Cost Management profession and in keeping with the high standards of ethical conduct will (1) be _____ and ____ and will serve employer, clients, and the public with devotion; (2) strive to _____ the competence and _____ of their profession; and (3) will apply _____ and _____ to advance human welfare.. Answer: honest, impartial, increase, prestige, knowledge, skill โ AACE members will hold paramount the safety, health, and welfare of the public, including that of _____ _____. Answer: future generations โ AACE members will endeavor to extend public knowledge and appreciation of cost engineering and cost management and its _______, and will oppose any untrue, unsupported, or ______ _______ regarding cost engineering and cost management.. Answer: achievements, exaggerated statements โ AACE Members will express an opinion on a cost engineering or cost management subject only when it is founded on _____ _____ and _____ _____.. Answer: adequate knowledge, honest conviction
โ Members will approve or seal only those documents, reviewed or prepared by ____, which are determined to be ___ for public health and welfare in conformity with accepted _____ ____, cost management and economic standards.. Answer: them, safe, cost engineering โ Members will work through _____ ______ to encourage and support others who follow these concepts.. Answer: professional societies โ When, as a result of their studies, members believe a project(s) will not be ____, or if their cost engineering and cost management or economic judgment is overruled, they shall so advise their ____ or _____.. Answer: successful, employer, client โ Members will undertake only those cost engineering and cost management assignments for which they are ______. Members will engage or advise their employers or clients to engage ______ whenever their employer's or client's interests are served best by such an arrangement.. Answer: qualified, specialists
Answer: professional development โ Members will cooperate in advancing the cost engineering and cost management profession by interchanging _______ and _______ with other cost professionals and students, by contributing to public communication media and to cost engineering, cost management and scientific societies and schools.. Answer: information, ideas โ Members shall be _____ and _____ in explaining their work and merit and will avoid any act tending to promote their own interests at the expense of the integrity, honor, and dignity of ___ ______.. Answer: dignified, modest, the profession โ Members should keep current in their specialty fields by engaging in professional ______, participating in ______ _______ _________, reading in the technical literature, and attending professional ______ and ______.. Answer: practice, continuing education courses, meetings, seminars โ The leader does not work to ____ team members, but instead works to obtain ______ from them to support goals and objectives by
fostering open ______, increased productivity through group efforts, and participatory _____ _____.. Answer: control, commitment, communication, decision making โ The manager role ensures the project is completed on time, within budget, and at acceptable levels of performance, It involves creating the _______ _______ and ______ to monitor completion of the work.. Answer: administrative procedures, structure โ Facilitation are those behaviors and attitudes that help others get their work done and is often achieved through the art of ______ others.. Answer: influencing โ By creating a sense of ownership in the company, ______ ________ instills a sense of pride and motivates employees to increase productivity in order to achieve their goals.. Answer: participative management โ That process, action, or intervention that serves as an incentive
