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Elements and Performance Criteria

1. Develop practices for systematic maintenance, repair and purchase of physical assets.
   • Develop and maintain an accurate and current physical assets register.
   • Develop practices for managing physical assets that reflect overall business objectives.
   • Establish and implement maintenance and repair regimes that minimise disruption and loss of revenue.
   • Integrate practices to support environmental sustainability into use of physical assets.
   • Evaluate current and potential financial ability to acquire physical assets.
2. Monitor the condition and performance of physical assets.
   • Establish and implement regular reporting practices to ensure effective performance of physical assets.
   • Identify physical asset problems promptly and take appropriate action.
   • Assess long-term physical asset performance.
   • Evaluate need for, and access, specialist assistance.
3. Coordinate financing and purchase of physical assets.
   • Prepare accurate equipment specifications to guide acquisition process.
   • Estimate acquisition costs based on evaluation of current, accurate and relevant data.
   • Make decisions on replacing and acquiring physical assets.
   • Select methods of financing to meet current financial objectives.
   • Finance acquisitions in consultation with financial specialists.
   • Keep accurate records of all financial agreements.

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:

develop a plan for the acquisition, maintenance and replacement of at least three different types of physical assets listed in the knowledge evidence

demonstrate procedures to:

monitor the utility of above 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.

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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 and the organisation in particular:

buildings

computer systems

equipment fixtures, fittings and furniture in one of the following:

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 specified in performance evidence

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 suppliers

previous contracts and costs

published or advertised prices

practices to support environmental sustainability using different types of physical assets.

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