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</p> Signup and view all the answers

    What does the business plan provide answers to?

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

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

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

    What should architects do before structuring a practice?

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

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

    <p>Accountant</p> Signup and view all the answers

    What type of insurance is specialized for architects?

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

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

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

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