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AACE-CCP exam Format | AACE-CCP Course Contents | AACE-CCP Course Outline | AACE-CCP exam Syllabus | AACE-CCP exam Objectives

Exam Code: AACE CCP

Exam Name: Certified Cost Professional (CCP)

Total number of questions: 119 simple and complex multiple-choice questions, plus one written memo question integrated in the exam.

Time Allotted: Candidates have up to 5 hours to complete the entire exam (multiple-choice + memo).

Question Type: Multiple-choice

Passing Marks: You must achieve an overall result of at least 70% to pass the CCP exam.



1. Introduction and AACE CCP Certification Overview

This domain establishes the professional standards and the ethical framework for cost engineering.



- Total Cost Management (TCM): The systematic process of managing cost throughout the life cycle of any enterprise, program, facility, project, product, or service.

- Professional Ethics: AACE Code of Ethics, conflict of interest, and professional obligations.

- AACE Recommended Practices (RPs): Familiarity with standard documents like 10S-90 (Cost Engineering Terminology).



2. Cost Fundamentals

The building blocks of cost management, focusing on how costs are categorized and captured.



- Cost Elements: Direct vs. Indirect costs, Variable vs. Fixed costs, and Sunk costs.

- Labor Cost: Wage rates, fringe benefits, burdens, and labor productivity.

- Material Cost: Waste, spoilage, and freight/handling.

- Pricing vs. Costing: The difference between what it costs to produce and the market price charged.

- Activity-Based Costing (ABC): Assigning overhead and indirect costs to specific activities.



3. Cost Estimating

Focuses on the methodologies used to predict the cost of a project at various stages of development.



- AACE Estimate Classification: Class 5 (Conceptual) to Class 1 (Definitive/Check Estimate).

- Estimating Methods:

- Parametric: Using statistical relationships (e.g., cost per square foot).

- Analogous: Using historical data from similar past projects.

- Bottom-Up: Detailed breakdown of every component.

- Basis of Estimate (BOE): Documenting the scope, assumptions, and exclusions of an estimate.

- Factored Estimating: Using equipment-to-total cost ratios (e.g., Lang Factors).



4. Planning and Scheduling

The integration of time with cost, focusing on the Critical Path Method (CPM).



- Work Breakdown Structure (WBS): A hierarchical decomposition of the total scope of work.

- Network Logic: Precedence Diagramming Method (PDM), Lead/Lag, and Constraints.

- Float/Slack: Total Float (delay without affecting project finish) vs. Free Float.

- Schedule Compression: Crashing (adding resources) and Fast-Tracking (overlapping tasks).

- Resource Leveling: Adjusting the schedule to address resource over-allocation.



5. Project and Cost Control

The process of measuring performance against a baseline to drive decision-making.



- Earned Value Management (EVM):

- PV (Planned Value): Budgeted cost of work scheduled.

- EV (Earned Value): Budgeted cost of work performed.

- AC (Actual Cost): Cost actually incurred.

- Performance Indices: CPI (Cost Performance Index) and SPI (Schedule Performance Index).

- Forecasting: Estimate at Completion (EAC) and Estimate to Complete (ETC).

- Variance Analysis: Cost Variance (CV) and Schedule Variance (SV).



6. Project Management

Broader management principles that intersect with cost engineering.



- Contract Types: Fixed Price, Cost-Reimbursable, and Time & Materials (T&M).

- Change Management: Managing deviations from the project baseline (Change Orders).

- Value Engineering (VE): Improving value by analyzing function while maintaining quality and cost.

- Quality Management: The cost of quality (prevention, appraisal, and failure costs).

- Project Leadership: Organizational structures (Matrix, Functional, Projectized) and team dynamics.



7. Economic Analysis, Statistics, Probability and Risk

The quantitative side of decision-making and uncertainty management.



- Economic Analysis:

- Time Value of Money (TVM): Net Present Value (NPV), Internal Rate of Return (IRR), and Simple/Compound Interest.

- Depreciation: Straight-line vs. Accelerated methods (MACRS).

- Break-even Analysis: Finding the point where total cost equals total revenue.



- Statistics & Probability:

- Descriptive Statistics: Mean, Median, Mode, and Standard Deviation.

- Probability Distributions: Normal, Beta, and Triangular distributions used in estimating.



- Risk Management:

- Risk Identification: SWOT analysis and Risk Breakdown Structure (RBS).

- Quantitative Risk Analysis: Monte Carlo Simulation and Expected Monetary Value (EMV).

- Risk Response: Avoid, Transfer, Mitigate, or Accept.

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