Mastering Strategic Planning

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Which type of business entity requires a legal instrument to create it as a commercial corporation?

Joint Venture

Sole Proprietorship

Corporation (correct)

Partnership

Which type of business relationship between architectural practices does not have the inherent duties and responsibilities of a partnership?

Sole Proprietorship

Corporation

Joint Venture (correct)

Partnership

Which type of business relationship between architects allows them to carry on business in common?

Joint Venture

Sole Proprietorship

Partnership (correct)

Corporation

Which of the following is a key resource required for strategic planning?

The discipline to focus on the future Signup and view all the answers

Which of the following is a common tool used in strategic planning?

Brainstorming Signup and view all the answers

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

Sole proprietorship Signup and view all the answers

What should architects do before structuring a practice?

Consult with a lawyer and accountant Signup and view all the answers

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?

Hard, real-world questions Signup and view all the answers

What is the purpose of a strategic plan?

To guide a firm's development in the long term Signup and view all the answers

What is a common analysis conducted as part of strategic planning?

SWOT analysis Signup and view all the answers

Which of the following best describes a business model?

A profile of factors that differentiate the firm from others Signup and view all the answers

What is the purpose of a business plan?

To demonstrate the firm's income-generating potential Signup and view all the answers

What is the relationship between a business model and a business plan?

A business plan is based on the firm's business model Signup and view all the answers

What is the value of using building information modeling (BIM) in architectural practice?

All of the above Signup and view all the answers

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

Architect Signup and view all the answers

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

Lawyer Signup and view all the answers

Which type of insurance is a specialized type of insurance provided by a limited number of insurance underwriters?

Professional liability insurance Signup and view all the answers

What should all architects plan for and seek the advice of a financial investment professional for?

Retirement planning Signup and view all the answers

Which type of business entity is structured to preserve the individual identity of two or more corporations?

Partnership of corporations Signup and view all the answers

What is the purpose of a joint venture in the architectural field?

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

What is a multi-disciplinary firm in the architectural field?

A firm that includes architects and engineers Signup and view all the answers

What is the structure of an architectural practice dependent on?

The leadership and values of the firm 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 create it as a commercial corporation?

Which type of business relationship between architectural practices does not have the inherent duties and responsibilities of a partnership?

Which type of business relationship between architects allows them to carry on business in common?

Which of the following is a key resource required for strategic planning?

Which of the following is a common tool used in strategic planning?

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

What should architects do before structuring a practice?

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 the purpose of a strategic plan?

What is a common analysis conducted as part of strategic planning?

Which of the following best describes a business model?

What is the purpose of a business plan?

What is the relationship between a business model and a business plan?

What is the value of using building information modeling (BIM) in architectural practice?

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

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

Which type of insurance is a specialized type of insurance provided by a limited number of insurance underwriters?

What should all architects plan for and seek the advice of a financial investment professional for?

Which type of business entity is structured to preserve the individual identity of two or more corporations?

What is the purpose of a joint venture in the architectural field?

What is a multi-disciplinary firm in the architectural field?

What is the structure of an architectural practice dependent on?

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