Free AACE International CCP Practice Exam with Questions & Answers | Set: 5

An employee is leaving due to a lack of teamwork and cohesion among co-workers.

Maslow’s Hierarchy of Needs:

The need for teamwork and cohesion is related toBelongingness needs, which include the desire for social connections and feeling part of a group or community.

To determine the correct percent complete, the earned value approach is used. The percent complete is calculated as follows:

Percent Complete = (Earned Work Hours / Budgeted Work Hours) × 100

Given:

Earned Work Hours (EV) = 105,000 hours

Budgeted Work Hours (BAC) = 200,000 hours

Percent Complete = (105,000 / 200,000) × 100 = 52.5%

However, this option is not available in the choices. The closest correct answer, considering standard rounding, is 55.0%. The rounding here accounts for small inaccuracies, which is typical in project management estimations, but in strict terms, the correct value is closer to 52.5%, and a better answer than 55.0% could have been provided as per detailed cost estimating principles.

The +/- notation in an estimate is used to reflect the range of possible variation in the final cost. This notation is necessary because there are alwaysunknowns that affect the final cost of a project. These unknowns can include unforeseen changes in scope, market conditions, labor availability, material costs, and other factors that could impact the final project cost. The +/- notation provides a realistic range within which the final cost is expected to fall, helping stakeholders understand the potential cost variability.

Aperipherals reportis not typically considered part of a project cost and schedule forecast. Forecasts generally focus onusage of contingency,current trends of time and money, andchanges to the project execution plan. These elements directly impact the financial and scheduling aspects of a project. A peripherals report might refer to ancillary details or additional documentation that doesn't directly influence cost or schedule forecasts. Hence, the correct answer isC. Peripherals report.

The float (or slack) in a project management context is calculated as the difference between the late start and the early start (or late finish and early finish). In this case:

Float=Late Start−Early Start=14−4=10 days\text{Float} = \text{Late Start} - \text{Early Start} = 14 - 4 = 10 \text{ days}Float=Late Start−Early Start=14−4=10 days

So, the correct answer isB. 10.

To calculate the annual rate of return on the investment, you can use the formula for the compound annual growth rate (CAGR):

CAGR=(FVPV)1n−1\text{CAGR} = \left(\frac{FV}{PV}\right)^{\frac{1}{n}} - 1CAGR=(PVFV​)n1​−1

Where:

FVFVFV is the future value ($6,000)

PVPVPV is the present value ($3,000)

nnn is the number of years (8 years)

CAGR=(60003000)18−1≈(2)18−1≈0.091or9.1%\text{CAGR} = \left(\frac{6000}{3000}\right)^{\frac{1}{8}} - 1 \approx (2)^{\frac{1}{8}} - 1 \approx 0.091 or 9.1\%CAGR=(30006000​)81​−1≈(2)81​−1≈0.091or9.1%

Quality management encompasses several critical aspects that ensure a project's outputs meet the required standards and fulfill the client's needs. These aspects typically include:

Quality Assurance (QA):This refers to the systematic processes and procedures put in place to ensure that the project's outcomes meet the required quality standards. QA is proactive, focusing on preventing defects by improving processes.

Quality Planning:This involves identifying the quality standards relevant to the project and planning how to meet those standards. It is an essential early step in the project management process, ensuring that quality objectives are defined and documented.

Quality Control (QC):This is the process of monitoring specific project results to determine if they comply with relevant quality standards. QC is a reactive process that identifies and corrects defects in the final outputs.

Quality Checkingis not a standard term in the context of formal quality management processes. While checking may occur during quality control or assurance activities, it is not recognized as a distinct, formal component of quality management, making it the correct answer as the aspect that does not belong to the set.

For effective communication, the purpose of a communication must be understood bythe receiverfor the message to be clear. Communication is a two-way process where the speaker conveys a message and the receiver interprets it. The clarity of the communication is determined by how well the receiver understands the intended message. Miscommunication often occurs when the receiver's interpretation does not match the speaker's intent, highlighting the importance of clear, concise, and well-structured communication in any context, especially in project management and team coordination.

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Planned Value (PV) can be interpreted in terms of hours as:Planned Hours=Hours ExpendedSPI\text{Planned Hours} = \frac{\text{Hours Expended}}{\text{SPI}}Planned Hours=SPIHours Expended​

Therefore:Planned Hours=10,2781.03≈9,979 hours\text{Planned Hours} = \frac{10,278}{1.03} \approx 9,979 \text{ hours}Planned Hours=1.0310,278​≈9,979 hours

Answer:A. 9,979 (but option might not be available, so considering context, the closest would be C. 9,559)

Soft logicrefers to the sequencing of project activities that is flexible, based on discretionary decisions about the order of activities. It is used in situations where the component activities are less defined, and the relationships between these activities are conditional rather than strictly dictated by the project’s physical constraints. This approach allows for flexibility in project scheduling, accommodating changes in the sequence of activities without significantly impacting the project's overall timeline.

For example, if certain tasks can be performed in parallel or in a different sequence without affecting the project outcome, soft logic would apply. This contrasts withhard logic, where activities must occur in a specific order due to the physical or technical constraints of the project.