Modification History
Not applicable.
Unit Descriptor
Unit descriptor |
This unit describes the performance outcomes, skills and knowledge required to manage the physical assets of an organisation. It includes a focus on establishing strategies, systems and procedures for asset maintenance and monitoring, as well as financing asset acquisition. |
Application of the Unit
Application of the unit |
This unit applies to mainstream managers who need to proactively plan and manage the acquisition and maintenance of physical assets in an industry context. |
Licensing/Regulatory Information
Not applicable.
Pre-Requisites
Prerequisite units |
Nil |
Employability Skills Information
Employability skills |
The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary of the qualification in which this unit is packaged will assist in identifying employability skills requirements. |
Elements and Performance Criteria Pre-Content
Elements describe the essential outcomes of a unit of competency. |
Performance criteria describe the required performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge and/or the range statement. Assessment of performance is to be consistent with the evidence guide. |
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
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1 |
Develop strategies for systematic maintenance, repair and purchase of physical assets. |
1.1 |
Develop strategies for managing physical assets that reflect overall business and marketing objectives of the organisation. |
1.2 |
Evaluate current and potential financial objectives and constraints in developing asset management strategies. |
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1.3 |
Integrate all OHS requirements into physical asset management. |
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1.4 |
Develop and maintain an accurate and current physical assets register as part of the asset management strategy. |
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1.5 |
Incorporate maintenance and repair regimes that minimise disruption and loss of revenue and involve appropriate specialists. |
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1.6 |
Integrate practices to support environmental sustainability into physical asset management practices. |
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2 |
Monitor the condition and performance of physical assets in the workplace. |
2.1 |
Establish and implement systems to ensure that the condition and performance of physical assets are regularly reported and discussed within the organisation. |
2.2 |
Establish and implement systems to identify timely replacement of physical assets. |
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2.3 |
Make assessments of physical asset performance based on safety, operational efficiency, customer service quality and input from colleagues. |
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2.4 |
Identify physical asset problems promptly and take appropriate action. |
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2.5 |
Evaluate need for and access specialist assistance when required. |
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3 |
Coordinate financing of physical assets. |
3.1 |
Prepare accurate work or equipment specifications to guide the acquisition process. |
3.2 |
Estimate acquisition costs based on evaluation of current , accurate and relevant data , including supplier quotations and estimates. |
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3.3 |
Make appropriate decisions on the acquisition of physical assets according to organisation policies and procedures. |
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3.4 |
Select methods of financing to meet current organisation financial objectives based on an analysis of internal and external factors. |
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3.5 |
Implement the financing process in consultation with key stakeholders and appropriate financial specialists. |
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3.6 |
Make and keep accurate records of all financial agreements and related documents. |
Required Skills and Knowledge
REQUIRED SKILLS AND KNOWLEDGE |
This section describes the essential skills and knowledge and their level, required for this unit. |
The following skills must be assessed as part of this unit:
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The following knowledge must be assessed as part of this unit:
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Evidence Guide
EVIDENCE GUIDE |
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The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, the range statement and the Assessment Guidelines for this Training Package. |
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Critical aspects for assessment and evidence required to demonstrate competency in this unit |
Evidence of the following is essential:
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Context of and specific resources for assessment |
Assessment must ensure:
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Methods of assessment |
A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:
Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended. |
Assessing employability skills |
Employability skills are integral to effective performance in the workplace and are broadly consistent across industry sectors. How these skills are applied varies between occupations and qualifications due to the different work functions and contexts. Employability skills embedded in this unit should be assessed holistically with other relevant units that make up the skill set or qualification and in the context of the job role. |
Range Statement
RANGE STATEMENT |
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The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording in the performance criteria is detailed below. |
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Physical assets may include: |
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OHS requirements may relate to: |
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Practices to support environmental sustainability may include: |
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Systems to monitor condition and performance of physical assets may include: |
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Specialist assistance may include: |
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Specifications may include: |
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Current , accurate and relevant data used for estimating costs may include: |
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Methods of financing may include: |
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Unit Sector(s)
Sector |
Cross-Sector |
Competency field
Competency field |
Finance |