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Cost Estimating Question and answers already passed 2024/2025

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Cost Estimating Question and answers already passed 2024/2025 Cost Estimating - Exam 3 Study Guide - WMGT 101 19A Phase 2 Cost Estimating Initiative Program (CEIP) Background - correct answer 1. 2013 Air Force Audit: a. 58% project estimates unreasonably inaccurate (by millions) b. 75% p...

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  • September 19, 2024
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Cost Estimating - Exam 3 Study Guide -
WMGT 101 19A Phase 2
Cost Estimating Initiative Program (CEIP) Background - correct answer ✔1.
2013 Air Force Audit:


a. 58% project estimates unreasonably inaccurate (by millions)
b. 75% project managers did not have proper support for estimates


2. 2015 AFCEC Study: 48% of FY15 Current Working Estimates (CWE) were
bid busts


3. 2015 HQ AF/A4CF Study: Programmed A


a. 22% projects over 25% of Programmed Amount (PA) - (worth $27M)
b. 28% were over 25% below Programmed Amount (PA) - (worth $4M)
c. 18% required re-reporting to Congress


Cost Estimating Initiative Program (CEIP) Components: - correct answer ✔1.
Education and Training:


a. WENG 200
b. WENG 400
c. WENG 402
d. WENG 500


2. Accountability:

, a. Reviewer
b. Approver
c. Sr. Exec
d. Validation


3. Authorization and Certification:


a. Air Force (WENG 400)
b. DOD


4. Tools: TRACES Portal


Authorized Cost Estimate - correct answer ✔1. Produced by WENG 400
graduates


2. Needed when/for:
a. Facility Sustainment, Repair & Modernixzation (FSRM) projects > $500K
b. All UMMC Projects
c. All MILCON Projects


3. Reviewer/Approver - Validates construction estimates
a. Construction Projects > $900K
b. Repair Projects > $4.5M


4. Senior Level Validation (General or SES) - Projects > $50M

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