Podcast
Questions and Answers
Which of the following best describes the concept of risk in a business enterprise?
Which of the following best describes the concept of risk in a business enterprise?
- An uncertain event or condition that has a positive effect on a project's objectives
- Being legally bound and subject to penalty
- An obligation to pay damages or losses incurred by another party
- An uncertain event or condition that has a negative effect on a project's objectives (correct)
What does the text suggest about the management of risk?
What does the text suggest about the management of risk?
- Risk can be completely eliminated with proper management
- Risk should always be assumed to seize opportunities
- Inaction is always riskier than action
- Risk requires identification, assessment, decision-making, and mitigation (correct)
What does the text suggest about the nature of risks in architectural practice?
What does the text suggest about the nature of risks in architectural practice?
- Risks occur throughout an architect's career (correct)
- Risks can be completely eliminated in an architect's career
- Inaction is always riskier than action in architectural practice
- Risks only occur during the life of an architect's practice
Which of the following is a reason why an architect should review contract terms with legal counsel and their professional liability insurer?
Which of the following is a reason why an architect should review contract terms with legal counsel and their professional liability insurer?
When might an architect be asked to enter into a separate confidentiality and non-disclosure agreement (NDA)?
When might an architect be asked to enter into a separate confidentiality and non-disclosure agreement (NDA)?
What is a potential disadvantage of having a third-party project manager in place?
What is a potential disadvantage of having a third-party project manager in place?
What should an architect consider when negotiating an agreement with a client who intends to hire a third-party project manager?
What should an architect consider when negotiating an agreement with a client who intends to hire a third-party project manager?
According to the text, what are the key components of a comprehensive risk management strategy?
According to the text, what are the key components of a comprehensive risk management strategy?
According to the text, what advice is given for dealing with unreasonable contractual conditions?
According to the text, what advice is given for dealing with unreasonable contractual conditions?
According to the text, what is the purpose of a GO/NO GO checklist in project selection?
According to the text, what is the purpose of a GO/NO GO checklist in project selection?
According to the text, what is one of the important considerations covered by a GO/NO GO checklist?
According to the text, what is one of the important considerations covered by a GO/NO GO checklist?
Architects need to evaluate their firm’s capabilities in delivering services and whether the firm has the necessary expertise and resources to successfully undertake the project.
Architects need to evaluate their firm’s capabilities in delivering services and whether the firm has the necessary expertise and resources to successfully undertake the project.
Developers may look to reduce quality as a means to increase profit. This could lead to substandard or unacceptable construction practices and materials.
Developers may look to reduce quality as a means to increase profit. This could lead to substandard or unacceptable construction practices and materials.
Certain project delivery methods may increase the degree of risk, such as design-build, public-private partnership (P3) projects, and other alternative delivery methods.
Certain project delivery methods may increase the degree of risk, such as design-build, public-private partnership (P3) projects, and other alternative delivery methods.
If the GO/NO GO checklist process leads to the GO decision, to pursuit of the project, it will be necessary to minimize risk by assembling a consulting team appropriate for both the project and the type of client.
If the GO/NO GO checklist process leads to the GO decision, to pursuit of the project, it will be necessary to minimize risk by assembling a consulting team appropriate for both the project and the type of client.
Which of the following is an important consideration when selecting subconsultants for a project?
Which of the following is an important consideration when selecting subconsultants for a project?
What is the recommended form of contract between an architect and a subconsultant?
What is the recommended form of contract between an architect and a subconsultant?
What should an architect do if a subconsultant's standard terms and conditions increase the architect's liability?
What should an architect do if a subconsultant's standard terms and conditions increase the architect's liability?
When should an architect obtain certificates of insurance from subconsultants?
When should an architect obtain certificates of insurance from subconsultants?
Which of the following is a reason why an architect may want to consider adding an indemnification clause in the client-architect agreement when using a client-preferred subconsultant?
Which of the following is a reason why an architect may want to consider adding an indemnification clause in the client-architect agreement when using a client-preferred subconsultant?
What is the importance of team chemistry in a project?
What is the importance of team chemistry in a project?
Why is it not recommended for an architect to agree to the standard terms and conditions put forward by a subconsultant?
Why is it not recommended for an architect to agree to the standard terms and conditions put forward by a subconsultant?
What should an architect consider when entering into agreements with subconsultants?
What should an architect consider when entering into agreements with subconsultants?
