Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

SITXFIN005 Mapping and Delivery Guide
Manage physical assets

Version 1.0
Issue Date: April 2024


Qualification -
Unit of Competency SITXFIN005 - Manage physical assets
Description
Employability Skills
Learning Outcomes and 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, hospitality and event sectors.No occupational licensing, certification or specific legislative requirements apply to this unit at the time of publication.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

Skills must be demonstrated in an operational tourism, travel, hospitality or event operation for which physical assets are monitored and maintained. This can be:

an industry workplace

a simulated industry environment.

Assessment must ensure access to:

current commercial purchase specifications, supplier product and cost information, and contractual documentation used for the purchase of assets.

Assessors must satisfy the Standards for Registered Training Organisations’ requirements for assessors.
Prerequisites/co-requisites
Competency Field Finance
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: 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.
       
Element: 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.
       
Element: 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.
       


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.

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.

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.

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.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, 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.

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.

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 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. 
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. 
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. 

Forms

Assessment Cover Sheet

SITXFIN005 - Manage physical assets
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

SITXFIN005 - Manage physical assets

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: