Business of Architecture: Finance and Risk Management for Architects
Learn the key principals of risk management and financial planning and how they apply in running architectural business.
This course explores concepts related to the finances in running an architecture firm and risk management. Large firms, small firms as well as sole practitioners need financial plans and risk management plans to sustain their practices, relationships and livelihood. Risk management should be embedded into the DNA of any firm or project. Learn high level ideas related to capitalization and investing and how you can apply them using the ABC’s of finance (Agreements, Budgets & Billing, and Collections) as well as key principles and considerations in managing risk at both the firm and project levels.
- Understand basic finance structures for developing and maintaining projects, including examples of their application and be able to identify the ABCs of project management – agreements, budgets and billing, and collections.
- Learn best practices in proposing and defining your services to mitigate misunderstandings, manage expectations and shield yourself from potential future legal action.
- Identify common provisions and missing provisions in Owner Generated Agreements that can put risk and fault on the architect, as well as tips to lessen the risk in these types of agreements.
- Consider risk management planning and how to best select projects based on their associated risks; ultimately learning how to gauge the best coverage and protection based on the project types you or your firm creates.
This course is part of a series
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