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 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 TrainingPackage

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 thirdparty workplace reports of onthejob 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

Physical assets may include:

OHS requirements may relate to:

Practices to support environmental sustainability may include:

Systems to monitor condition and performance of physical assets may include:

Specialist assistance may include:

Specifications may include:

Current, accurate and relevant data used for estimating costs may include:

Methods of financing may include: