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

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

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

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

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

What should architects do before structuring a practice?

<p>Consult with a lawyer and accountant (A)</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 (B)</p> Signup and view all the answers

What does the business plan provide answers to?

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

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

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

What is the purpose of a business plan?

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

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

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

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

<p>Lawyer (C)</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 (B)</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 (A)</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 (C)</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 (A)</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 (A)</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 (A)</p> Signup and view all the answers

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