ACSM CEP STUDY EXAMS GUIDE ALL QUESTIONS
AND ANSWERS SURE A+
✔✔- Estimate variability is affected by 3 items, - ✔✔Estimate variability is function of
scope or quantity and cost, price is the third one usually independent of the other two.
✔✔contract may affect estimate variability - ✔✔One of the primary cause of estimate
variability is risk, therefore the type of contract chosen will expose the contractor to
different risk levels. A lump sum contract is risky than a cost plus contract, for example.
✔✔estimating algorithms and when they are most used - ✔✔Algorithms are an effective
method for solving problems, generally used in the development of
conceptual estimates before detailed drawings and specifications are available.
✔✔codes of accounts - ✔✔A systematic coding structure for organizing and managing
scope, asset, cost resource, work and
schedule activity information. A code of account is an index to facilitate, finding, sorting,
comparing,
summarizing, or otherwise managing information that the code is tied to. A complete
code of account
includes definitions of content of each account. Code of accounts by nature are
intended to reduce
confusion.
, ✔✔prioritize when defining the basic structure of a code of account - ✔✔The code of
account basic structure should prioritize: - User and costumer needs. - Consider long
term and external consequences. - Consider intra and intercompany standardization.
✔✔team is the best to manage a code of account and what should be avoided on a
code of accounts management - ✔✔A cross functional team is the best to manage a
code of account. Individual users should not be permitted to make arbitrary changes.
✔✔code of account characteristics that increases it usability and improves clarity - ✔✔A
well-defined and clear structure and format increases usability. Organize all elements in
a reference dictionary or similar document improves clarity.
✔✔two benefits of a long term standardization? - ✔✔Allows benchmark between peer
companies and allows comparison with other projects.
✔✔benefits of code of accounts usage - ✔✔Classifying estimate items for cost control. -
Facilitates estimate and analysis of project cost data. - Summarizes cost data. - Comply
with accounting, taxation and regulatory requirements. - Categorize performance and
productivity measurements and analysis. - Simplify cost and schedule forecast. -
Facilitates audits and reporting accuracy
✔✔main characteristics and applications of masterformat - ✔✔- Widely used among
construction and government contracting industries. - Engineering and other indirect
costs are not primary considerations. - It is not very effective for process industries once
does not emphasize equipment, piping etc.
✔✔uniformat and where it is best used - ✔✔It is another format that is related to
masterformat. It combines the accounts into a system orientation
that is particularly useful for conceptual estimating.
✔✔financial ledger account - ✔✔They are used to record, classify and summarize
business financial transaction. It helps to determine the overall financial state of a
business
✔✔a financial ledger which account capture cost of projects that are underway - ✔✔The
"work in progress" account is used to capture the cost of projects that are underway.
After the project is completed the costs are transferred to other assets accounts.
✔✔estimator must do before use an estimate commercial database that has been
acquired by the company - ✔✔- Evaluate the database basis. - Validate the data. -
Calibrate the data to the specific use
AND ANSWERS SURE A+
✔✔- Estimate variability is affected by 3 items, - ✔✔Estimate variability is function of
scope or quantity and cost, price is the third one usually independent of the other two.
✔✔contract may affect estimate variability - ✔✔One of the primary cause of estimate
variability is risk, therefore the type of contract chosen will expose the contractor to
different risk levels. A lump sum contract is risky than a cost plus contract, for example.
✔✔estimating algorithms and when they are most used - ✔✔Algorithms are an effective
method for solving problems, generally used in the development of
conceptual estimates before detailed drawings and specifications are available.
✔✔codes of accounts - ✔✔A systematic coding structure for organizing and managing
scope, asset, cost resource, work and
schedule activity information. A code of account is an index to facilitate, finding, sorting,
comparing,
summarizing, or otherwise managing information that the code is tied to. A complete
code of account
includes definitions of content of each account. Code of accounts by nature are
intended to reduce
confusion.
, ✔✔prioritize when defining the basic structure of a code of account - ✔✔The code of
account basic structure should prioritize: - User and costumer needs. - Consider long
term and external consequences. - Consider intra and intercompany standardization.
✔✔team is the best to manage a code of account and what should be avoided on a
code of accounts management - ✔✔A cross functional team is the best to manage a
code of account. Individual users should not be permitted to make arbitrary changes.
✔✔code of account characteristics that increases it usability and improves clarity - ✔✔A
well-defined and clear structure and format increases usability. Organize all elements in
a reference dictionary or similar document improves clarity.
✔✔two benefits of a long term standardization? - ✔✔Allows benchmark between peer
companies and allows comparison with other projects.
✔✔benefits of code of accounts usage - ✔✔Classifying estimate items for cost control. -
Facilitates estimate and analysis of project cost data. - Summarizes cost data. - Comply
with accounting, taxation and regulatory requirements. - Categorize performance and
productivity measurements and analysis. - Simplify cost and schedule forecast. -
Facilitates audits and reporting accuracy
✔✔main characteristics and applications of masterformat - ✔✔- Widely used among
construction and government contracting industries. - Engineering and other indirect
costs are not primary considerations. - It is not very effective for process industries once
does not emphasize equipment, piping etc.
✔✔uniformat and where it is best used - ✔✔It is another format that is related to
masterformat. It combines the accounts into a system orientation
that is particularly useful for conceptual estimating.
✔✔financial ledger account - ✔✔They are used to record, classify and summarize
business financial transaction. It helps to determine the overall financial state of a
business
✔✔a financial ledger which account capture cost of projects that are underway - ✔✔The
"work in progress" account is used to capture the cost of projects that are underway.
After the project is completed the costs are transferred to other assets accounts.
✔✔estimator must do before use an estimate commercial database that has been
acquired by the company - ✔✔- Evaluate the database basis. - Validate the data. -
Calibrate the data to the specific use
