AACE CCT PRIMER QUESTIONS WITH COMPLETE SOLUTIONS.

AACE CCT PRIMER QUESTIONS WITH COMPLETE SOLUTIONS.
Question 1: 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 ANSWER: Total Cost Management
Question 2: ______ 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 ANSWER: Cost Engineering
Question 3: _______ 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,

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