Get AACE International CCP Exam Practice Questions - Real and Updated

Answer : A

Percent complete is a measure used in project management to quantify the progress of a project. It is defined as the earned work hours or dollars for all accounts divided by the budgeted work hours or dollars for all accounts. This metric provides an indication of how much work has been completed in relation to the total planned work.

Option B: Cost to complete refers to the estimated cost required to finish all remaining project work.

Option C: Earned value is a key metric in Earned Value Management (EVM) that represents the value of the work actually performed.

Option D: Forecast refers to predicting future project performance and outcomes based on current data and trends.

Therefore, A. Percent complete is the correct answer as it accurately describes the ratio of earned work hours or dollars to budgeted work hours or dollars.

Answer : B

Given Scenario:

You need to calculate the future value of a series of annual investments of $20,000 over 10 years at a 10% interest rate.

This requires calculating the future value of an annuity. The formula is:

FV=P((1+r)n1r)FV = P \times \left(\frac{(1 + r)^n - 1}{r}\right)FV=P(r(1+r)n1)

where:

P=20,000P = 20,000P=20,000 (annual payment)

r=0.10r = 0.10r=0.10 (interest rate)

n=10n = 10n=10 (number of years)

FV=20,000((1+0.10)1010.10)=20,000(2.593710.10)=20,00015.937318,740FV = 20,000 \times \left(\frac{(1 + 0.10)^{10} - 1}{0.10}\right) = 20,000 \times \left(\frac{2.5937 - 1}{0.10}\right) = 20,000 \times 15.937 \approx 318,740FV=20,000(0.10(1+0.10)101)=20,000(0.102.59371)=20,00015.937318,740

Answer : D

If the owner's primary goal is completion within budget, a fixed price contract for both the engineer and the contractor is the best option. This contract type ensures that the costs are controlled, and there is less risk of budget overruns since both the engineer and the contractor are incentivized to work within the agreed budget. Therefore, the correct answer is D. Engineer --- fixed price, contractor fixed price.

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Answer : D

The mode is the value that appears most frequently in a data set. It is particularly useful in marketing for determining common sizes such as shirt or shoe sizes because these are typically based on the most commonly occurring values in a population. The other options incorrectly describe the characteristics of central tendency measures. Therefore, the correct answer is D. The mode would be frequently applied in marketing to determine shirt sizes or shoe sizes.

Answer : A

Based on the scenario where the entire pipe has been received, hangers have been installed, and all pipes are in place but none have been welded or flushed:

Pipe received: 5%

Hangers installed: 10%

Pipe in place: 30%

Adding these together gives a total percentage complete of 45% for the project. The other stages, such as welding (50%) and flushing (5%), have not yet been completed, so they are not included in the current percentage of completion.