AACE CCT Primer Exam |Question and Answer| 100% Correct

AACE CCT Primer Exam |Question and Answer| 100% Correct 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 _________ *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 *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 *Ans* Cost 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. *Ans* Resources, Resources A resource becomes a cost when it is ______ or consumed in an _____or project *Ans* invested, project Material, labor, and "other" are categories of _________. *Ans* Resources The product lifecycle is the complete history of a product through its ______, definition, production, operation, and obsolescence /______ phases. *Ans* concept, disposal The distinction between product life cycle and project life cycle is that the latter does not include the ______ and ______. *Ans* operation, disposal ___________ is the systematic numeric method of classifying various categories of costs for accounting purposes *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) *Ans* Job Costing, Job Costing A 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 *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 *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 _____ *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 *Ans* by-product Types of Manufacturing Operations include _____, ______ run and _____ shop *