1|Page
AACE CCT PRIMER WITH AND ANSWERS
100% VERIFIED
This is the amount of money (or monetary equivalents) that must be
spent to produce or purchase an item [S&K 4th Ed., 23.1] - correct
answer_ Cost Value
Exchange Value is the value of an item on the ___ ___ should one try to
sell or trade it. - correct answer_ open market
____ ___ is the value of an item to the user because of the functions or
services it provides. A well-maintained, basic old car may have little
exchange value, but just as much ___ ____ to the owner as a newer,
fancier car. - correct answer_ use value, use value
____ _____ is a value "in the eyes of the beholder" or a consequential
that has evolved. A gold bracelet has a definite cost value, its exchange
value is usually less than its cost, it has no use value, but it has an ____
____to an individual who
loves jewelry. - correct answer_ esteem value, esteem value
,2|Page
Satisfaction Value - correct answer_ Combination of cost, exchange,
use, and esteem values
____ _____ is an umbrella term encompassing those practices designed
to maximize the value of a project, item, or service through the
examination of relevant considerations and
the evolvement of a decision using a value system established by the
client - correct answer_ value management
_______ _____ is used during asset planning to optimize product and
production system design in consideration of the effective performance
of manufacturing and related activities.
Alternate materials, manufacturing technologies, and standardization
are key considerations (e.g., use common parts for different products) -
correct answer_ Manufacturability Analysis
____ ____ is used during construction project planning and it involves
methods to optimize the design in construction of the effective
performance of construction activities. Alternate materials, unique
construction sequencing (i.e., activity logic), and construction
technologies are key considerations - correct answer_ Constructability
Analysis
,3|Page
_____, ______, and _____ (___) Analysis is used primarily during asset
planning. It involves using quantitative methods to
optimize the performance or operation (i.e., operability) of process
systems and their components. RAM methods generally employ
predictive modeling and simulation that consider future asset
performance - correct answer_ reliability, availability, maintainability,
(RAM)
The ISO ______ series of standards pertain to the management systems
that an organization employs to manage environmental matters, not to
the environmental performance
of the organization. The standard provides a framework for setting
environmental requirements and for implementing them and assessing
performance against them. - correct answer_ 14000
Life Cycle - correct answer_ The stages, or phases that occur during the
lifetime of an object or endeavor. A life cycle presumes a beginning and
an end with each end implying a new beginning. In life cycle cost
or investment analysis, the life cycle is the length of time over which an
investment is analyzed
, 4|Page
Quality Conformance - correct answer_ Quality management activities
associated with appraisal, training, and
prevention adapted to achieve zero deviations from the established
requirements
Quality Nonconformance - correct answer_ A deviation that occurs with
a severity sufficient to consider
rejection of the product, process, or service. In some situations the
product, process, or service may be accepted as is; in other situations, it
will require corrective action. It also may involve the provision of
deliverables that are more than required
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
______ is the application of scientific principles and techniques to
problems of :
- estimation
- cost control
- business planning & management science
AACE CCT PRIMER WITH AND ANSWERS
100% VERIFIED
This is the amount of money (or monetary equivalents) that must be
spent to produce or purchase an item [S&K 4th Ed., 23.1] - correct
answer_ Cost Value
Exchange Value is the value of an item on the ___ ___ should one try to
sell or trade it. - correct answer_ open market
____ ___ is the value of an item to the user because of the functions or
services it provides. A well-maintained, basic old car may have little
exchange value, but just as much ___ ____ to the owner as a newer,
fancier car. - correct answer_ use value, use value
____ _____ is a value "in the eyes of the beholder" or a consequential
that has evolved. A gold bracelet has a definite cost value, its exchange
value is usually less than its cost, it has no use value, but it has an ____
____to an individual who
loves jewelry. - correct answer_ esteem value, esteem value
,2|Page
Satisfaction Value - correct answer_ Combination of cost, exchange,
use, and esteem values
____ _____ is an umbrella term encompassing those practices designed
to maximize the value of a project, item, or service through the
examination of relevant considerations and
the evolvement of a decision using a value system established by the
client - correct answer_ value management
_______ _____ is used during asset planning to optimize product and
production system design in consideration of the effective performance
of manufacturing and related activities.
Alternate materials, manufacturing technologies, and standardization
are key considerations (e.g., use common parts for different products) -
correct answer_ Manufacturability Analysis
____ ____ is used during construction project planning and it involves
methods to optimize the design in construction of the effective
performance of construction activities. Alternate materials, unique
construction sequencing (i.e., activity logic), and construction
technologies are key considerations - correct answer_ Constructability
Analysis
,3|Page
_____, ______, and _____ (___) Analysis is used primarily during asset
planning. It involves using quantitative methods to
optimize the performance or operation (i.e., operability) of process
systems and their components. RAM methods generally employ
predictive modeling and simulation that consider future asset
performance - correct answer_ reliability, availability, maintainability,
(RAM)
The ISO ______ series of standards pertain to the management systems
that an organization employs to manage environmental matters, not to
the environmental performance
of the organization. The standard provides a framework for setting
environmental requirements and for implementing them and assessing
performance against them. - correct answer_ 14000
Life Cycle - correct answer_ The stages, or phases that occur during the
lifetime of an object or endeavor. A life cycle presumes a beginning and
an end with each end implying a new beginning. In life cycle cost
or investment analysis, the life cycle is the length of time over which an
investment is analyzed
, 4|Page
Quality Conformance - correct answer_ Quality management activities
associated with appraisal, training, and
prevention adapted to achieve zero deviations from the established
requirements
Quality Nonconformance - correct answer_ A deviation that occurs with
a severity sufficient to consider
rejection of the product, process, or service. In some situations the
product, process, or service may be accepted as is; in other situations, it
will require corrective action. It also may involve the provision of
deliverables that are more than required
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
______ is the application of scientific principles and techniques to
problems of :
- estimation
- cost control
- business planning & management science
