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AACE CCT Primer- Questions and Answers
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AACE CCT Primer- Questions and Answers
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AACE CCT Primer- Questions and AnswersA process is a sequence or independent & linked procedures which ___________ to convert
inputs into outputs. These outputs then serve as inputs for the next stage until a known goal
or end result is reached Correct Ans-consume resources
A _____ is a good, idea, method, information, object, service, etc, that is the end result of a
process & serves as a need or want satisfierProduct Correct Ans-Product
Product manufactured along with a different product, in a process in which both are required
in the production of another product are considered _____ Correct Ans-Co-products
A key feature of a ____ is that it has low value in comparison with the principal product(s) &
may be discarded or sold Correct Ans-by-product
Types of Manufacturing Operations include _____, ______ run and _____ shop Correct
Ans-Process, Batch, Job
This manufacturing operation runs almost continuously making the same thing. Examples are
refining and chemical plants, and very long run assembly operations. Correct Ans-Process
A ______ characterized by setting up for one product, producing a set quantity of product,
and then shutting down to change over to producing another product. Correct Ans-Batch
Run
, AACE CCT Primer- Questions and Answers
A _______ Similar to a batch run operation, except that you only produce 1 of the item. Each
job results in a customized product. Examples are metal fabrication, prototype, fabrication.
Correct Ans-job shop
Roles such as executive/senior management, legal, HR, business development, etc. These
roles are the farthest removed from the actual production of discrete product at the various
facilities. They are shared across many production locations and considered ______.
Correct Ans-overhead
______ are field/plant support personnel, located at the site. These resources help the
operation run smoothly. These are people like local payroll, facility maintenance, site project
controls, site senior (office-based) supervisors and management who are shared across the
various products the particular location produces. Correct Ans-Indirects
_______are the remote location people directly involved in producing the product. These are
the easiest to correlate their effort to a particular product. First line supervisors are also
normally considered ______. Correct Ans-Directs
The owner approaches cost from a _____ point of view. Owners not only consider the cost of
the construction, or process, but ______ supervision
and overhead, implementation costs, cost of money, furniture, fixtures, equipment( FFE) and
other considerations Correct Ans-holistic, internal
Contractors, subcontractors, suppliers only consider their part of the _______ and are
responsible for that alone. Correct Ans-Project costs
, AACE CCT Primer- Questions and Answers
Appraising or estimating the worth of something having economic or monetary value is the
general description of ________. Correct Ans-valuation
The sum of the practices and processes that an enterprise uses to manage the total life cycle
cost investment in its portfolio of strategic assets is called _________ Correct Ans-Total
Cost Management
______ is the application of scientific principles and techniques to problems of :
- estimation
- cost control
- business planning & management science
- profitability analysis
- project management
- planning & scheduling Correct Ans-Cost Engineering
_______ Is the value of an activity or asset. Generally, this value is determined by the cost of
the resources that are expended to complete the activity or produce the asset. An example
would be the facilities needed to produce an activity or asset, which would include the
tooling, electricity, taxes, and maintenance, etc., necessary to keep the facility available for
use. Other costs might be office supplies, communication costs, travel costs, and security costs
Correct Ans-Cost
, AACE CCT Primer- Questions and Answers
Any consumable, except time, required to accomplish an activity are considered _______.
From a total cost and asset management perspective, _______ may include any real or
potential investment in strategic assets including time, monetary, human, and physical.
Correct Ans-Resources, Resources
A resource becomes a cost when it is ______ or consumed in an _____or project Correct
Ans-invested, project
Material, labor, and "other" are categories of _________. Correct Ans-Resources
The product lifecycle is the complete history of a product through its ______, definition,
production, operation, and obsolescence /______ phases. Correct Ans-concept, disposal
The distinction between product life cycle and project life cycle is that the latter does not
include the ______ and ______. Correct Ans-operation, disposal
___________ is the systematic numeric method of classifying various categories of costs for
accounting purposes Correct Ans-Code of Accounts
______ is used used in situations where each job is different and is performed to the
customer's specifications. ______ involves keeping an account of direct costs (labor, machine
time, raw materials) and indirect costs (overheads) Correct Ans-Job Costing, Job Costing
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