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.
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. |
Evidence of Performance
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.
Evidence of Knowledge
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.
Assessment Conditions
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.
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 complex 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: | regularly 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. |
Sectors
Cross-Sector
Competency Field
Finance