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Evidence Guide: SITXFIN007A - Manage physical assets

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

SITXFIN007A - Manage physical assets

What evidence can you provide to prove your understanding of each of the following citeria?

Develop strategies for systematic maintenance, repair and purchase of physical assets.

  1. Develop strategies for managing physical assets that reflect overall business and marketing objectives of the organisation.
  2. Evaluate current and potential financial objectives and constraints in developing asset management strategies.
  3. Integrate all OHS requirements into physical asset management.
  4. Develop and maintain an accurate and current physical assets register as part of the asset management strategy.
  5. Incorporate maintenance and repair regimes that minimise disruption and loss of revenue and involve appropriate specialists.
  6. Integrate practices to support environmental sustainability into physical asset management practices.
Develop strategies for managing physical assets that reflect overall business and marketing objectives of the organisation.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate current and potential financial objectives and constraints in developing asset management strategies.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Integrate all OHS requirements into physical asset management.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop and maintain an accurate and current physical assets register as part of the asset management strategy.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Incorporate maintenance and repair regimes that minimise disruption and loss of revenue and involve appropriate specialists.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Integrate practices to support environmental sustainability into physical asset management practices.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor the condition and performance of physical assets in the workplace.

  1. Establish and implement systems to ensure that the condition and performance of physical assets are regularly reported and discussed within the organisation.
  2. Establish and implement systems to identify timely replacement of physical assets.
  3. Make assessments of physical asset performance based on safety, operational efficiency, customer service quality and input from colleagues.
  4. Identify physical asset problems promptly and take appropriate action.
  5. Evaluate need for and access specialist assistance when required.
Establish and implement systems to ensure that the condition and performance of physical assets are regularly reported and discussed within the organisation.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish and implement systems to identify timely replacement of physical assets.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make assessments of physical asset performance based on safety, operational efficiency, customer service quality and input from colleagues.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify physical asset problems promptly and take appropriate action.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate need for and access specialist assistance when required.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Coordinate financing of physical assets.

  1. Prepare accurate work or equipment specifications to guide the acquisition process.
  2. Estimate acquisition costs based on evaluation of current, accurate and relevant data, including supplier quotations and estimates.
  3. Make appropriate decisions on the acquisition of physical assets according to organisation policies and procedures.
  4. Select methods of financing to meet current organisation financial objectives based on an analysis of internal and external factors.
  5. Implement the financing process in consultation with key stakeholders and appropriate financial specialists.
  6. Make and keep accurate records of all financial agreements and related documents.
Prepare accurate work or equipment specifications to guide the acquisition process.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Estimate acquisition costs based on evaluation of current, accurate and relevant data, including supplier quotations and estimates.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make appropriate decisions on the acquisition of physical assets according to organisation policies and procedures.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Select methods of financing to meet current organisation financial objectives based on an analysis of internal and external factors.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement the financing process in consultation with key stakeholders and appropriate financial specialists.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make and keep accurate records of all financial agreements and related documents.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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.

Required Skills and Knowledge

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.

Range Statement

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.