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, Responsibility and Required Skills for a Project Planning and Scheduling Professional, describes the responsibilities of a project planning and scheduling professional. It establishes a planning and scheduling guideline for training and professional development. This RP describes the competency for the Planning & Scheduling Professional (PSP) certification.
- 46R-11, Required Skills and Knowledge of Project Cost Estimating, defines the required skills and knowledge to perform project cost estimating. This RP describes the competency for the Certified Estimating Professional (CEP) certification.
- 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.