- SITXFIN007A - Manage physical assets
Assessor Resource
SITXFIN007A
Manage physical assets
Assessment tool
Version 1.0
Issue Date: April 2024
This unit applies to mainstream managers who need to proactively plan and manage the acquisition and maintenance of physical assets in an industry context.
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.
You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)
Prerequisites
Nil
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.
Evidence Required
List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.
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. | |
Critical aspects for assessment and evidence required to demonstrate competency in this unit | Evidence of the following is essential: ability to plan for and manage the acquisition, maintenance and replacement of physical assets for a small business, or section or department of a larger business understanding of financial and legal issues that affect the management of physical assets development of asset management strategies and financing arrangements for a specific business operation. |
Context of and specific resources for assessment | Assessment must ensure: use and application of current financial data and regulations. |
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: case studies to develop asset acquisition and maintenance strategies for nominated business situations evaluation of industry projects conducted by the candidate to acquire assets or develop ongoing maintenance strategies oral or written questions to assess knowledge of financing options and relevant legislation review of portfolios of evidence and third-party workplace reports of on-the-job performance by the candidate. 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. |
Submission Requirements
List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here
Assessment task 1: [title] Due date:
(add new lines for each of the assessment tasks)
Assessment Tasks
Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.
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: critical thinking and analytical skills to evaluate complex information from varied sources to develop strategic management approaches to physical assets planning and organisational skills to develop and implement complex and interrelated workplace procedures, systems and schedules for physical asset management literacy skills to interpret and develop a varied range of complex business documents numeracy skills to analyse and prepare a wide range of financial data, and to interpret estimates and financial agreements for physical asset acquisition. |
The following knowledge must be assessed as part of this unit: types of physical assets required by organisations in different work contexts maintenance requirements for different types of physical assets in the relevant industry context features and benefits of different financing options for asset acquisition, including purchase, rent, lease and hire purchase features of an assets register and techniques for its development and maintenance overview of taxation arrangements in relation to the acquisition and disposal of physical assets specific legislation relevant to the management and maintenance of physical assets, such as that relevant to vehicles or food production equipment environmental standards and requirements in relation to different types of physical assets. |
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. | |
Physical assets may include: | buildings equipment fixtures, fittings and furniture vehicles gardens pools rides and games. |
OHS requirements may relate to: | restrictions on who can undertake repairs regularity of maintenance required levels of usage. |
Practices to support environmental sustainability may include: | use of particular consumables protocols for use of machinery minimising waste systems to reduce power use regular maintenance. |
Systems to monitor condition and performance of physical assets may include: | integration of reporting into day-to-day operating procedures regular management reports internal or external inspections and audits regular staff feedback analysis of maintenance costs over a period of time. |
Specialist assistance may include: | tradespeople mechanics electronic specialists vendor support. |
Specifications may include: | information on general business context numbers of users or customers budget parameters operational constraints. |
Current, accurate and relevant data used for estimating costs may include: | quotations from suppliers current maintenance contracts published or advertised prices previous contracts and costs. |
Methods of financing may include: | hire purchase renting leasing purchase. |
Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.
Observation Checklist
| Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice | Yes | No | Comments/feedback |
|---|---|---|---|
| Develop strategies for managing physical assets that reflect overall business and marketing objectives of the organisation. | |||
| Evaluate current and potential financial objectives and constraints in developing asset management strategies. | |||
| Integrate all OHS requirements into physical asset management. | |||
| Develop and maintain an accurate and current physical assets register as part of the asset management strategy. | |||
| Incorporate maintenance and repair regimes that minimise disruption and loss of revenue and involve appropriate specialists. | |||
| Integrate practices to support environmental sustainability into physical asset management practices. | |||
| Establish and implement systems to ensure that the condition and performance of physical assets are regularly reported and discussed within the organisation. | |||
| Establish and implement systems to identify timely replacement of physical assets. | |||
| Make assessments of physical asset performance based on safety, operational efficiency, customer service quality and input from colleagues. | |||
| Identify physical asset problems promptly and take appropriate action. | |||
| Evaluate need for and access specialist assistance when required. | |||
| Prepare accurate work or equipment specifications to guide the acquisition process. | |||
| Estimate acquisition costs based on evaluation of current, accurate and relevant data, including supplier quotations and estimates. | |||
| Make appropriate decisions on the acquisition of physical assets according to organisation policies and procedures. | |||
| Select methods of financing to meet current organisation financial objectives based on an analysis of internal and external factors. | |||
| Implement the financing process in consultation with key stakeholders and appropriate financial specialists. | |||
| Make and keep accurate records of all financial agreements and related documents. |
Forms
Assessment Cover Sheet
SITXFIN007A - Manage physical assets
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Assessment Record Sheet
SITXFIN007A - Manage physical assets
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Assessment task 1: [title] Result: Competent Not yet competent
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Feedback to student:
Overall assessment result: Competent Not yet competent
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