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____________ is defined as covering work whose component activities are less defined and whose interrelationships are conditional.
Soft logic refers 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 with hard logic, where activities must occur in a specific order due to the physical or technical constraints of the project.
The following question requires your selection of CCC/CCE Scenario 28 (3.7.50.1.7) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
If the owner in B has as his primary goal to get the project completed and on line as fast as possible, then he would most likely use the ______________type of contract.
If the owner in scenario B has the primary goal of getting the project completed and operational as quickly as possible, a Cost Plus contract type is most likely to be used. This contract type allows for flexibility in managing costs, and the contractor is reimbursed for all costs plus a fee. It motivates the contractor to expedite the project since the costs are covered, and any additional effort is compensated. Therefore, the correct answer is A. Cost plus.
AACE International defines _____________as a technique of economic evaluation that sums over a given study period, the costs of initial investment, replacements, operations, and maintenance/repair; expressed in either present or annual value terms.
AACE International defines the Life Cycle Costs (LCC) method as an economic evaluation technique that sums all costs over a given study period, including initial investment, replacements, operations, and maintenance/repair, expressed in either present or annual value terms. This method is crucial in assessing the total cost of ownership of an asset, allowing decision-makers to consider all costs associated with an asset throughout its entire life cycle.
Option A: Risk analysis involves assessing potential risks and their impacts, not economic evaluation of life cycle costs.
Option B: Benefit/Cost ratio (B/C) method is a method of comparing the benefits of a project to its costs, not a summation of all life cycle costs.
Option C: Net present worth method focuses on the present value of future cash flows, but does not encompass the entire life cycle cost.
Thus, D. Life cycle costs method (LCC) is the correct answer as it directly aligns with the definition provided by AACE International.
The following question requires your selection of CCC/CCE Scenario 2 (2.3.50.1.2) from the right side of your split screen, using the drop down menu, to reference during your response/choice of responses.
9,375 hours have been expended to date. Planned completion at this time is 75%. The project is determined to be 66% complete. What is the current cost performance index (CPI)?
The Cost Performance Index (CPI) is calculated using the formula:
CPI=EarnedValue(EV)ActualCost(AC)\text{CPI} = \frac{\text{Earned Value (EV)}}{\text{Actual Cost (AC)}}CPI=ActualCost(AC)EarnedValue(EV)
Where:
EV (Earned Value) is the percentage of completion multiplied by the total budgeted hours.
AC (Actual Cost) is the total hours expended.
Given:
Total Budgeted Hours = 12,000 hours
Percent Complete = 66%
Actual Hours Expended (AC) = 9,375 hours
EV=12,0000.66=7,920hours\text{EV} = 12,000 \times 0.66 = 7,920 \text{ hours}EV=12,0000.66=7,920hours CPI=7,9209,3750.84\text{CPI} = \frac{7,920}{9,375} \approx 0.84CPI=9,3757,9200.84
So, the correct answer is B. 0.84.
Which of the following is a disadvantage to using target contract as a method of contracting?
A target contract is a form of contract where both the owner and contractor agree on a target cost, and both parties share any cost savings or overruns. This contract type encourages efficiency but has some drawbacks.
Key Points:
Disadvantages of Target Contracts:
No Competitive Bidding for Targets: The target cost is typically negotiated rather than competitively bid, which could lead to less competitive pricing.
Other Points: While target contracts encourage timely and economical completion and allow for early start and flexibility, the lack of competitive bidding for the targets can be a significant disadvantage.
Conclusion: The correct answer is B. No opportunity to competitively bid the targets because this is a specific disadvantage associated with target contracts.
