Mastering Strategic Planning

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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?

Business plan Signup and view all the answers

What does the business plan provide answers to?

Real-world questions Signup and view all the answers

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

Finding and securing initial commissions Signup and view all the answers

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

Business plans outline operational systems, while strategic plans outline management strategies Signup and view all the answers

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

Sole proprietorship Signup and view all the answers

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

To deal with expansion, difficulties, and disagreements Signup and view all the answers

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

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

Eclectic Signup and view all the answers

What is the purpose of a business model?

To describe what value the business will offer the marketplace Signup and view all the answers

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

They are three related but different documents Signup and view all the answers

What is the business model canvas?

A process and tools for exploring how a firm approaches doing business Signup and view all the answers

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

Architect Signup and view all the answers

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

Accountant Signup and view all the answers

What type of insurance is specialized for architects?

Professional liability insurance Signup and view all the answers

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

To plan for retirement Signup and view all the answers

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

To preserve the individual identity of two or more corporations Signup and view all the answers

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

To provide complementary services for a particular project Signup and view all the answers

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

Professional companies that include architects and other professionals Signup and view all the answers

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

To specialize in one type or stage of architectural services Signup and view all the answers

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?

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?

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

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

What does the business plan provide answers to?

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

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

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

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

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

What should architects do before structuring a practice?

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

What is the purpose of a business model?

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

What is the business model canvas?

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

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

What type of insurance is specialized for architects?

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

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

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

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

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

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