CCM Cost and Time Management Questions and Answers

Question 1

A construction project's performance is being tracked using Earned Value Management (EVM).
At the end of a reporting period, the following data is available: Budget at Completion (BAC) = $1,500,000, Planned Value (PV) = $700,000, Earned Value (EV) = $650,000, and Actual Cost (AC) = $680,000.
Based on this data, what is the status of the project?

Accepted Answer

Behind schedule and over budget

Answer

Ahead of schedule and under budget

Answer

Behind schedule and under budget

Answer

Ahead of schedule and over budget

Question 2

A CCM is managing a complex high-rise project where the delivery of a custom curtain wall system is a critical activity. The project schedule is extremely tight, and the owner has emphasized that the completion date cannot be extended. To manage the workforce for the interior fit-out, which of the following schedule optimization techniques would be most appropriate if resource conflicts arise?

Accepted Answer

Resource smoothing

Answer

Crashing the schedule

Answer

Fast-tracking

Answer

Resource leveling

Question 3

During the pre-construction phase, a Construction Manager is preparing a budget for a new elementary school. The design is approximately 30% complete, providing a good basis for a detailed estimate. According to the AACE International Recommended Practice, which class of cost estimate is most appropriate to develop at this stage for budget authorization?

Accepted Answer

Class 3 (Budgetary/Control)

Answer

Class 5 (Order of Magnitude)

Answer

Class 1 (Definitive)

Answer

Class 4 (Feasibility)

Question 4

In Critical Path Method (CPM) scheduling, what does 'total float' (or 'total slack') for an activity represent?

Accepted Answer

The amount of time an activity can be delayed without delaying the entire project's completion date.

Answer

The amount of time an activity can be delayed without affecting the early start of its immediate successor.

Answer

The total duration of the project's longest path.

Answer

The amount of time an activity was actually delayed compared to its planned start date.

Question 5

A Construction Manager has included a line item in the project budget for potential price increases in structural steel, a risk that has been identified in the project's risk register. This budgeted amount falls under the control of the project manager to address this specific, foreseeable risk. This amount is best described as:

Accepted Answer

Contingency Reserve

Answer

Management Reserve

Answer

Escalation Clause

Answer

Profit Margin

Question 6

A contractor submits a formal request to the Construction Manager for additional payment and a time extension due to owner-directed changes to the HVAC system design. Which of the following documents is the formal mechanism for authorizing these adjustments to the contract value and schedule?

Accepted Answer

Change Order

Answer

Request for Information (RFI)

Answer

Submittal

Answer

Punch List