Mastering Strategic Planning

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WorthwhilePyrite5473
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30 Questions

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

Business plan

What does a business plan provide answers to?

Hard, real-world questions

What is the purpose of a strategic plan?

To guide the firm's development in the long term

What is a SWOT analysis?

An analysis of strengths, weaknesses, opportunities, and threats

What is the recommended timeframe for a strategic plan?

5 to 10 years

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

Minimalist

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

To differentiate the firm from others

What does the business plan present?

A start-up document with a defined and short-term timeframe

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

What does the style of architectural practice define?

The firm's value proposition

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

Corporation

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

Joint Venture

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

Partnership

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

Sole Proprietorship

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

Assessing one's own abilities and setting long-term goals

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

GAP analysis

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

Sole proprietorships

What should architects do before structuring a practice?

All of the above

Which form of ownership requires a partnership agreement?

Partnerships

Why do architectural practices incorporate?

Both A and B

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

Limited liability company

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

Infrastructure projects

What should architects do before entering into a joint venture?

Review the circumstances with their professional liability insurers

What are multi-disciplinary firms?

Firms that include architects and other professionals

How do some architectural practices organize their office structure?

All of the above

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

Marketing and advertising

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

Professional liability insurance

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

To obtain legal services

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

Office premises and automobiles insurance

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

Financial investment professional

Test your knowledge on strategic planning tools and techniques with this quiz! Discover the key resources needed for effective strategic planning and how to maintain focus on the future. Explore various tools and learn how to identify underlying causes of problems. Get ready to enhance your strategic planning skills!

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