Practice Management Overview

These flashcards cover key vocabulary terms related to practice management, focusing on business operations, legal structures, ethical standards, and project delivery methods.

Business Operations

The management and organization of a firm's operations, including office organization, business development, human resources, and ethical standards.

Sole Proprietorship

The simplest business type, where an individual owns the business and is personally liable for its debts.

Partnership

A business arrangement where two or more people share management, profits, and risks.

Corporation

A legal entity that is separate from its owners, providing limited liability protection to its shareholders.

Limited Liability Company (LLC)

A business structure that combines the benefits of a corporation and a partnership, protecting its members from personal liability.

Joint Venture

A temporary business arrangement where two or more parties collaborate to achieve a specific project or goal.

Standard of Care

The level of skill and diligence expected from a reasonably prudent architect in the same community and under similar circumstances.

Agency

A legal relationship where one party, the agent, acts on behalf of another party, the principal.

Liability

Legal responsibility for injury or damage caused to another person or property.

Negligence

Failure to exercise the care that a reasonably prudent person would exercise in similar circumstances, leading to harm.

Design-Bid-Build

The traditional method of project delivery where design and construction are separate contracts.

Design-Build

A project delivery method where a single entity is responsible for both design and construction.

Integrated Project Delivery (IPD)

A method that promotes collaboration among all stakeholders from project inception to completion, aimed at improving efficiency and reducing risks.

Construction Manager as Constructor (CMC)

A project delivery method where the construction manager is responsible for both managing the project and performing construction work.

Architectural Experience Program (AXP)

A program that provides a structured approach to gaining practical experience for aspiring architects.

Ethical Standards

Guidelines that dictate the accepted principles of professional conduct for architects.

Human Resources

The management of hiring, training, and compensating employees, as well as fulfilling legal obligations related to employment.

Compensation

The total salary and benefits paid to employees for their work.

Outsourcing

Contracting with another firm to complete specific portions of work for a project.