Pass the AACE International AACE Certification CCP Questions and answers with ExamsMirror

Scheduling is the process of assigning resources (such as labor, materials, and equipment) to project activities and determining the timing and sequence of these activities. The term "scheduling" specifically refers to the application of total resources (including workers and support) and the activity durations outlined in a logic diagram. The logic diagram, often depicted as a network or Gantt chart, shows the sequence and dependencies of project activities, enabling planners to establish a timeline for the project.

Option A: Planningis broader and includes not only scheduling but also the development of strategies, policies, and procedures for achieving the project's objectives.

Option B: Forecastinginvolves predicting future project performance based on current data, not directly the application of resources and activity durations.

Option D: Modelingrefers to the creation of representations or simulations of the project, which may include scheduling but is not limited to it.

Thus,C. Schedulingis the correct answer as it accurately describes the application of resources and activity durations within a logic diagram.

Alife-cycle cost analysisof a power plant typically includes all costs associated with the plant over its entire lifespan. This includesconstruction cost, operating cost, and maintenance cost. These costsprovide a comprehensive view of the total financial commitment required to build, operate, and maintain the power plant, making them crucial factors in evaluating the plant's overall economic viability. The other options listed (Factory expenses, distribution expenses, mark-up; Capacity factor, end product units, physical dimensions; Resources, work activities, final cost objects) are related to different aspects of cost analysis but are not comprehensive enough for a life-cycle cost analysis. Therefore, the correct answer isA. Construction cost, operating cost, maintenance cost.

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Effective communication involves several key principles:

Clarify your ideasbefore communicating to ensure your message is clear.

Examine the purposeof the communication to ensure it aligns with your goals.

Consider the total physical and human setting, as these factors can influence how your message is received.

Be mindful of overtones, which include non-verbal cues and implied meanings that accompany the basic content of your message.

Option Blists negative behaviors that are counterproductive to good communication.

Option Cprovides basic communication tips but lacks the depth and focus on the human elements.

Option Dis a general description of communication but does not outline specific principles.

To determine "net income," the calculations typically needed include Depreciation, Taxes, and Income Before Taxes.Present Valuecalculations are typically used in capital budgeting to assess the value of future cash flows today, not directly in the calculation of net income. Net income is determined by subtracting expenses, including depreciation and taxes, from revenues, but present value calculations would not be directly involved in this particular income calculation.

In targeted marketing, themodeis often the best measure of central tendency because it identifies the most frequently occurring value in a data set. This can be crucial in marketing to determine the most common preferences or behaviors among a target audience, such as the most popular product size, color, or price point. Therefore, the correct answer isB. Mode.

Termination of Contract for Convenienceis a clause in a contract that allows the owner or the principal to terminate the contract at their discretion, irrespective of the general contractor's liability or performance. This type of termination does not require the contractor to be in breach of contract; it allows the owner to end the contract for reasons such as changes in project scope, funding issues, or strategic decisions. While the contractor is typically entitled to compensation for work completed up to the termination, they may not be entitled to the full profit expected if the contract were completed.

Given Scenario:

A major theme park is in the preliminary stages of construction, requiring detailed estimation for costs involving new technology.

Steps:

Identify what information is needed for a Class 2 definitive estimate.

Class 2 estimates are more detailed and require specific data, including soil data, detailed construction drawings, and quantity takeoffs.

Answer:A. Soil data, detailed construction drawings, quantity takeoffs, minimum contingency detailed indirect costs, detailed engineering estimates

Quantitative data refers to numerical data that can be ordered and ranked, which allows the calculation of measures of central tendency such as means, medians, and modes. Qualitative data, which describes categories or labels, does not allow for such numerical calculations. Thus, the correct answer isA. Only quantitative data can have means, medians, and modes, as these require number rankings.

Inflationis defined as a rise in the price level of goods or services, or a market basket of goods and/or services, over time. This term specifically refers to the general increase in prices and the corresponding decrease in the purchasing value of money. Therefore, the correct answer isD. inflation.

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The statement that the "means and median are not equal" is incorrect for a standard normal distribution. In astandard normal distribution, the mean, median, and mode are all equal, as the distribution is perfectly symmetrical. The correct characteristics of a standard normal distribution are that approximately 68% of the values fall within one standard deviation of the mean, the total area under the curve is 1, and the curve shape is symmetrical.