The AACE International Body of Knowledge
A body of knowledge is the collected wisdom, experience, processes, and technical information that provide AACE and its members a solid foundation from which continuous improvements and innovative change can occur.
Since its founding in 1956, AACE has made countless contributions to further advance the study of total cost management. The following are recognized as AACE's Body of Knowledge:
Total Cost Management Framework:
An Integrated Approach to Portfolio, Program, and Project Management
Total Cost Management (TCM) is a systematic approach to managing cost throughout the life cycle of any enterprise, program, facility, project, product or service. The TCM Framework®: An Integrated Approach to Portfolio, Program and Project Management is a structured, annotated process map that for the first time explains each practice area of the cost engineering field in the context of its relationship to the other practice areas including allied professions. The digital version TCM Framework® is included in the cost of membership.
Recommended Practices
In alignment with the Total Cost Management Framework, recommended practices establish the technical foundation for AACE International educational and certification products and services. Recommended practices provide technical reference information, vetted by a rigorous review process, regarding specific competency areas. Recommended practices may be industry generic providing a broad overview of a specific practice that applies to most industries; or may be industry-specific describing a particular application of a practice in a specific industry.
The following of AACE International's Recommended Practices are part of AACE's Body of Knowledge and all RPs are made included as a membership benefit:
- 11R-88, Required Skills and Knowledge of Cost Engineering, provides some answers which are excerpted here. Beyond being a guiding document for AACE International’s education and certification developments, 11R-88 is an excellent reference for industry core competency and career model development. This RP describes the competency for the Certified Cost Professional (CCP).
- 14R-90, Required Skills of Planning and Scheduling, This recommended practice is intended to serve the following purposes: define the core skills and knowledge a planning and scheduling practitioner is required to have to be considered a professional practitioner, and in doing so establish the core competencies for the AACE International PSP education and certification programs.
- 46R-11, Required Skills and Knowledge of Cost Estimating, highlights the necessary skills and knowledge of a cost estimator from a high level viewpoint. It identifies competencies for a project cost estimator. These skills and knowledge are applicable to the cost estimating profession across all industries and types of projects.It serves as the foundation of the skills and knowledge of an AACE Certified Estimating Professional (CEP).
- 71R-12, Required Skills and Knowledge of Decision and Risk Management, defines the required skills and knowledge to perform decision and risk management. This RP describes the competency for the Decision and Risk Management Professional (DRMP) certification.
- 81R-13, Required Skills and Knowledge of Earned Value Management, defines the required skills and knowledge to perform earned value management. This RP describes the competency for the Earned Value Professional (EVP) certification.
- 121R-21, Required Skills and Knowledge of Project Risk Management, defines the required skills and knowledge to perform project risk management (PRM). It serves as the foundation of the skills and knowledge of an AACE certified Project Risk Management Professional (PRMP) and provides an outline for its study guide.