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?

  • 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?

    <p>The discipline to focus on the future</p> Signup and view all the answers

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

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

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

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

    What should architects do before structuring a practice?

    <p>Consult with a lawyer and accountant</p> Signup and view all the answers

    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>Hard, real-world questions</p> Signup and view all the answers

    What is the purpose of a strategic plan?

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

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

    <p>SWOT analysis</p> Signup and view all the answers

    Which of the following best describes a business model?

    <p>A profile of factors that differentiate the firm from others</p> Signup and view all the answers

    What is the purpose of a business plan?

    <p>To demonstrate the firm's income-generating potential</p> Signup and view all the answers

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

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

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

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

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

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

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

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

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

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

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

    <p>Retirement planning</p> Signup and view all the answers

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

    <p>Partnership of corporations</p> Signup and view all the answers

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

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

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

    <p>A firm that includes architects and engineers</p> Signup and view all the answers

    What is the structure of an architectural practice dependent on?

    <p>The leadership and values of the firm</p> Signup and view all the answers

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