Unit of competency details
SITXFIN011 - Manage physical assets (Release 1)
Summary
Usage recommendation:
Current
Releases:
| 1 1 (this release) |
10/Jun/2022 |
Companion volumes:
Unit of competency
Assessment requirements
Training packages that include this unit
Qualifications that include this unit
Classifications
Classification history
| ASCED Module/Unit of Competency Field of Education Identifier | 080301 | Business Management | 10/Jun/2022 | |
The content being displayed has been produced by a third party, while all attempts have been made to make this content as accessible as possible it cannot be guaranteed. If you are encountering issues following the content on this page please consider downloading the content in its original form
Unit of competency
Modification History
Not applicable.
Application
This unit describes the performance outcomes, skills and knowledge required to manage the physical assets of an organisation. It requires the ability to establish systems and practices for asset monitoring, maintenance and acquisition.
It applies to senior managers who operate with significant autonomy and who are responsible for making a range of strategic management decisions.
The unit applies to all tourism, travel, hospitality and event sectors.
The skills in this unit must be applied in accordance with Commonwealth and State/Territory legislation, Australian/New Zealand standards and industry codes of practice.
No occupational licensing, certification or specific legislative requirements apply to this unit at the time of publication.
Pre-requisite Unit
Nil
Competency Field
Finance
Unit Sector
Cross-Sector
Elements and Performance Criteria
|
ELEMENTS
|
PERFORMANCE CRITERIA
|
|
Elements describe the essential outcomes
|
Performance criteria describe the performance needed to demonstrate achievement of the element.
|
|
1. Develop practices for systematic maintenance, repair and purchase of physical assets.
|
1.1. Develop and maintain an accurate and current physical assets register.
1.2. Develop practices for managing physical assets that reflect overall business objectives.
1.3. Establish and implement maintenance and repair regimes that minimise disruption and loss of revenue.
1.4. Integrate practices to support environmental sustainability into use of physical assets.
1.5. Evaluate current and potential financial ability to acquire physical assets.
|
|
2. Monitor the condition and performance of physical assets.
|
2.1. Establish and implement regular reporting practices to ensure effective performance of physical assets.
2.2. Identify physical asset problems promptly and take appropriate action.
2.3. Assess long-term physical asset performance.
2.4. Evaluate need for and access specialist assistance.
|
|
3. Coordinate financing and purchase of physical assets.
|
3.1. Prepare accurate equipment specifications to guide acquisition process.
3.2. Estimate acquisition costs based on evaluation of current, accurate and relevant data.
3.3. Make decisions on replacing and acquiring physical assets.
3.4. Select methods of financing to meet current financial objectives.
3.5. Finance acquisitions in consultation with financial specialists.
3.6. Keep accurate records of all financial agreements.
|
Foundation Skills
|
Foundation skills essential to performance in this unit, but not explicit in the performance criteria are listed here, along with a brief context statement.
|
|
SKILLS
|
DESCRIPTION
|
|
Reading skills to:
|
- interpret product specifications and financial contracts.
|
|
Oral communication skills to:
|
- discuss asset deficiencies with team members
- negotiate purchase and financial arrangements with suppliers.
|
|
Numeracy skills to:
|
- analyse financial data and interpret estimates and financial agreements for physical asset acquisition.
|
|
Learning skills to:
|
- research new physical assets to enhance business performance.
|
|
Problem-solving skills to:
|
- evaluate current and future asset needs and financial ability to update physical assets.
|
|
Initiative and enterprise skills to:
|
- identify and analyse the utility of enhanced physical assets to improve business performance.
|
|
Teamwork skills to:
|
- discuss the condition and utility of physical assets with team members and take account of their feedback when making acquisitions.
|
|
Planning and organising skills to:
|
- manage maintenance and repair regimes and plan for the acquisition of assets.
|
Unit Mapping Information
Supersedes and is equivalent to SITXFIN005 Manage physical assets.
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=68c40a93-e51d-4e0f-bc06-899dff092694
Assessment requirements
Modification History
Not applicable.
Performance Evidence
Evidence of the ability to complete tasks outlined in elements and performance criteria of this unit in the context of the job role, and:
- establish a regime for the acquisition, maintenance and replacement of at least three different physical assets listed in the knowledge evidence
- when establishing the above regime, include practices that:
- monitor the utility of assets to meet business needs
- provide regular financial reports on the assets
- record formal and informal customer and staff feedback
- integrate day-to-day condition reports
- schedule internal or external inspections or audits
- schedule management reports
- develop and maintain a current register for the above assets.
Knowledge Evidence
Demonstrated knowledge required to complete the tasks outlined in elements and performance criteria of this unit:
- business objectives relevant to the management of physical assets:
- profitability
- growth
- providing quality products and services to customers
- adhering to:
- codes of conduct
- environmental sustainability philosophies and practices
- industry accreditation schemes
- types of physical assets required by tourism, hospitality and event organisations:
- buildings
- computer systems
- equipment fixtures, fittings and furniture in:
- accommodation establishments
- commercial kitchens
- restaurants and bars
- storage areas
- tourism, hospitality and event offices
- transportation depots
- gardens
- pools
- rides and games
- vehicles
- vessels
- maintenance requirements for different types of physical assets
- considerations for long-term assessment of physical assets:
- ability to meet business objectives
- cost of maintenance over a period of time
- customer and staff feedback
- input from specialists where required
- operational efficiency
- safety
- equipment specifications to guide acquisition process:
- budget parameters
- environmental sustainability policies for the business
- floor plans
- numbers and types of required equipment fixtures, fittings and furniture
- operational performance requirements:
- efficiency
- customer traffic
- staff usage
- types of products and services offered by the business
- formats for and inclusions of asset registers
- features and benefits of different financing options for asset acquisition:
- hire purchase
- lease
- purchase
- rent
- depreciation that can be applied to different types of physical assets
- data used in the estimation of asset acquisition:
- current maintenance contracts
- estimates and quotations from suppliersprevious contracts and costs
- published or advertised prices
- practices to support environmental sustainability using different types of physical assets.
Assessment Conditions
Skills must be demonstrated in an operational business environment. This can be:
- an industry workplace; or
- a simulated industry environment set up for the purposes of assessment.
Assessment must ensure access to:
- current commercial purchase specifications, supplier product and cost information, and contractual documentation used for the purchase of assets
- others with whom the individual can liaise in regard to the management of physical assets. These can be:
- those in an industry workplace who participate in the assessment process; or
- individuals who participate in role plays or simulated activities, set up for the purpose of assessment, in a simulated industry environment operated within a training organisation.
Assessors must satisfy the Standards for Registered Training Organisations’ requirements for assessors.
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=68c40a93-e51d-4e0f-bc06-899dff092694
