Mastering Strategic Planning

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Which document describes the operational systems that a firm will put into place to deliver products and services?

Business model

SWOT analysis

Business plan (correct)

Strategic plan

What does a business plan provide answers to?

Hard, real-world questions (correct)

Marketing strategies

Financial projections

Operational procedures

What is the purpose of a strategic plan?

To guide the firm's development in the long term (correct)

To secure initial commissions

To create a valid business plan

To attract clients and secure commissions

What is a SWOT analysis?

An analysis of strengths, weaknesses, opportunities, and threats Signup and view all the answers

What is the recommended timeframe for a strategic plan?

5 to 10 years Signup and view all the answers

Which of the following is NOT a common generic style as described by The Coxe Group?

Minimalist Signup and view all the answers

What is the purpose of the business model in the architectural practice?

To differentiate the firm from others Signup and view all the answers

What does the business plan present?

A start-up document with a defined and short-term timeframe Signup and view all the answers

According to the text, what is the potential value of using building information modeling (BIM) in architectural practice?

Integration of the design-construction industry supply chain Signup and view all the answers

What does the style of architectural practice define?

The firm's value proposition Signup and view all the answers

Which of the following is a legal business entity formed by a group of people acting as a single unit?

Corporation Signup and view all the answers

Which of the following is a defined business relationship between two or more architectural practices for a limited purpose or objective?

Joint Venture Signup and view all the answers

Which of the following is an unincorporated relationship between architects for carrying on business in common?

Partnership Signup and view all the answers

Which of the following is an architectural practice owned and controlled exclusively by one person?

Sole Proprietorship Signup and view all the answers

What are the first key steps in launching an architectural practice?

Assessing one's own abilities and setting long-term goals Signup and view all the answers

Which of the following is NOT a tool commonly used in strategic planning?

GAP analysis Signup and view all the answers

What is the most common type of ownership for architectural practices in Canada?

Sole proprietorships Signup and view all the answers

What should architects do before structuring a practice?

All of the above Signup and view all the answers

Which form of ownership requires a partnership agreement?

Partnerships Signup and view all the answers

Why do architectural practices incorporate?

Both A and B Signup and view all the answers

Which of the following is NOT a form of business entity mentioned in the text?

Limited liability company Signup and view all the answers

What type of project is a joint venture usually formed for?

Infrastructure projects Signup and view all the answers

What should architects do before entering into a joint venture?

Review the circumstances with their professional liability insurers Signup and view all the answers

What are multi-disciplinary firms?

Firms that include architects and other professionals Signup and view all the answers

How do some architectural practices organize their office structure?

All of the above Signup and view all the answers

Which of the following is NOT one of the external professional services that may be required to support an architectural practice?

Marketing and advertising Signup and view all the answers

What type of insurance is mentioned as a specialized type of insurance provided by a limited number of insurance underwriters?

Professional liability insurance Signup and view all the answers

According to the text, why is it important for an architect to establish a relationship with a lawyer?

To obtain legal services Signup and view all the answers

What is one of the insurance requirements mentioned for an architectural practice?

Office premises and automobiles insurance Signup and view all the answers

According to the text, what type of professional should architects seek advice from for proper retirement planning?

Financial investment professional Signup and view all the answers