Free AACE AACE-CEP Exam Questions

Become AACE Certified with updated AACE-CEP exam questions and correct answers

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Total 297 Questions | Updated On: Jun 06, 2025

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Question 1

The term “field cost” refers to _________________.

A : All work within battery limits

B : Site grading and compaction

C : Costs associated with greenfield projects

D : Engineering and construction costs associated with the construction site rather than with the home office

Answer: D

Question 2

An input to risk identification is:

A : Stakeholder risk tolerance

B : Product description

C : Historical Information

D : Simulation

Answer: C

Question 3

A budget estimate is typically but not always a Class-----estimate.

A : 1

B : 5

C : 4

D : 3

Answer: D

Question 4

A Basis of Estimate (BOE)...

A : Will not address any anomalies or other shortcomings of the estimate or scoping documents

B : Should not describe the accuracy of the estimate, leaving that up to the independent judgment of the stakeholders

C : Should not discuss drawbacks or shortcomings of the scoping documents in order to not antagonize their developer

D : Will describe the primary estimating methodology used in preparation of the estimate

Answer: D

Question 5

Cost variance greater than 20% is an example of a:

A : Management reserve

B : Active risk acceptance

C : Contingency allowance

D : Risk trigger

Answer: D

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Total 297 Questions | Updated On: Jun 06, 2025

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