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At the February Board of Directors meeting, the Board took action to resolve one of the outstanding issues that has caused concern, both inside and outside of the Association, by giving a formal definition to the initials "AACE." The Board voted to give meaning to AACE's initials as "The Association for the Advancement of Cost Engineering."
If you attended the 1996 Annual Meeting in Vancouver, Canada, you were quizzed by Canadian customs officials as to why you were visiting their pretty locality. Your response was that you were attending AACE's Annual Meeting. The follow-up question was, "What is AACE?" To reply, you had the following options (or some variation).
1. "AACE" stands for nothing, but we are an association of cost professionals. The Canadian customs official most likely would then look at you as if you had lost your way and were in need of more assistance than was readily available at the customs booth.
2. "AACE" stands for "The Association for Total Cost Management," which led to a follow-on question of, "But that does not tie to the initials?" The next several minutes were then spent explaining the mission of AACE and how AACE's name has evolved over time. A...