Mastering Strategic Planning
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Questions and Answers

Which type of business entity requires a legal instrument to be created as a commercial corporation?

  • Partnership
  • Sole Proprietorship
  • Joint Venture
  • Corporation (correct)

Which type of business relationship between architectural practices is defined for a limited purpose or objective, without some of the inherent duties and responsibilities of a partnership?

  • Partnership
  • Corporation
  • Joint Venture (correct)
  • Sole Proprietorship

Which type of business entity is an unincorporated relationship between architects for carrying on business in common?

  • Sole Proprietorship
  • Joint Venture
  • Corporation
  • Partnership (correct)

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

<p>Business plan (A)</p> Signup and view all the answers

What does the business plan provide answers to?

<p>Real-world questions (B)</p> Signup and view all the answers

What is one of the most difficult aspects for an emerging proprietor in completing a business plan?

<p>Finding and securing initial commissions (C)</p> Signup and view all the answers

What is the difference between a business plan and a strategic plan?

<p>Business plans outline operational systems, while strategic plans outline management strategies (B)</p> Signup and view all the answers

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

<p>Sole proprietorship (A)</p> Signup and view all the answers

What is the purpose of a partnership agreement for an architectural practice?

<p>To deal with expansion, difficulties, and disagreements (D)</p> Signup and view all the answers

Which tool or technique is useful in the strategic planning process for identifying underlying causes of problems?

<p>Affinity analysis (D)</p> Signup and view all the answers

What should architects do before structuring a practice?

<p>All of the above (D)</p> Signup and view all the answers

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

<p>Eclectic (A)</p> Signup and view all the answers

What is the purpose of a business model?

<p>To describe what value the business will offer the marketplace (C)</p> Signup and view all the answers

What is the relationship between the business model, business plan, and strategic plan?

<p>They are three related but different documents (D)</p> Signup and view all the answers

What is the business model canvas?

<p>A process and tools for exploring how a firm approaches doing business (B)</p> Signup and view all the answers

Which department is responsible for supervising and directing the work related to the design of a project?

<p>Architect (C)</p> Signup and view all the answers

Which professional service is important for an architect to establish a relationship with?

<p>Accountant (B)</p> Signup and view all the answers

What type of insurance is specialized for architects?

<p>Professional liability insurance (C)</p> Signup and view all the answers

Why should architects seek the advice of a financial investment professional?

<p>To plan for retirement (A)</p> Signup and view all the answers

Which of the following is a reason for creating a partnership of corporations in an architectural practice?

<p>To preserve the individual identity of two or more corporations (C)</p> Signup and view all the answers

What is the purpose of a joint venture in the context of architectural practice?

<p>To provide complementary services for a particular project (B)</p> Signup and view all the answers

What are multi-disciplinary firms in the context of architectural practice?

<p>Professional companies that include architects and other professionals (A)</p> Signup and view all the answers

What is the purpose of subdividing staff into groups or departments in larger architectural practices?

<p>To specialize in one type or stage of architectural services (C)</p> Signup and view all the answers

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