Introduction to Practice Management

Mark Boffa was a member of which committee of the Australian Institute of Architects NSW?

The National Standard of Competency for Architects 2015 includes competencies related to Practice Management.

What is one key area covered by the National Standard of Competency for Architects 2021 regarding Practice Management and Professional Conduct?

Mark Boffa is the sole principal of an aged care boutique practice of ______ people.

Match the following learning outcomes with their description:

Which of the following is NOT mentioned as a learning outcome of the module?

Mark Boffa graduated from RMIT in 1989.

Which of the following is a common reason for complaints received by the board of architects?

Business acumen is typically a natural strength for most architects.

What understanding must architects bring to bear on their work as problem solvers?

An architect's role as problem solvers requires a certain ______ understanding.

Match the following terms with their descriptions:

According to the provided resources, what does the 'Architects Award' refer to?

The strategies developed in practice management are universally applicable to every practice.

Which of the following is a key area covered in the presentation?

A considerable proportion of complaints received by the board of architects relate to the architect’s poor ______ management.

Which of the following is a potential benefit of being a shareholder in a company?

Income derived from being a shareholder depends on working in the company.

What is a reasonable assumption that can be made if a registered professional is presented with a commission?

Most actively traded businesses had turnover of less than ______.

What percentage of businesses had fewer than 5 employees?

Turnover and profit are synonymous within a business context.

Besides a share of profits, what is another financial benefit that a shareholder might experience?

Businesses in Australia are mainly ______ businesses.

What should a senior architect consider before starting a business?

Match the term with its description:

What initial marketing strategies did the practice employ in its early days?

Engaging contractors from day 1 freed up the principal to market the practice.

According to the concepts presented, which approach is considered most sustainable in the long run?

What was a key financial risk the practice took early on to fund the engagement of contractors?

The practice partners settled into receiving a ______ income within 6 months.

The '1-10-100' rule and '101/99' rule are examples of budgeting strategies typically found in accounting textbooks.

Which of the following best describes the practice's purchasing strategy?

What is the primary purpose of maintaining a cash flow document?

All employees in the firm are permanent employees.

According to the 'bank balance analogy', a generous approach to clients builds up a healthy ______, which can help buffer against mistakes.

How often does the practice reconcile their GST?

Match the following management activities with their impacts:

The practice keeps a close watch on the availability of ______, work in progress, and debtors list.

What approach does the practice take when presenting information to clients?

Match the following descriptions with the corresponding terms: