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Evidence Guide: SITXFIN601 - 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

 

SITXFIN601 - Manage physical assets

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

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

  1. Develop and maintain an accurate and current physical assets register.
  2. Develop practices for managing physical assets that reflect overall business objectives.
  3. Establish and implement maintenance and repair regimes that minimise disruption and loss of revenue.
  4. Integrate practices to support environmental sustainability into use of physical assets.
  5. Evaluate current and potential financial ability to acquire physical assets.
Develop and maintain an accurate and current physical assets register.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop practices for managing physical assets that reflect overall business objectives.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish and implement maintenance and repair regimes that minimise disruption and loss of revenue.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Integrate practices to support environmental sustainability into use of physical assets.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate current and potential financial ability to acquire physical assets.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor the condition and performance of physical assets.

  1. Establish and implement regular reporting practices to ensure the effective performance of physical assets.
  2. Identify physical asset problems promptly and take appropriate action.
  3. Assess long term physical asset performance.
  4. Evaluate need for and access specialist assistance.
Establish and implement regular reporting practices to ensure the effective performance of physical assets.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify physical asset problems promptly and take appropriate action.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess long term physical asset performance.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate need for and access specialist assistance.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Coordinate financing and purchase of physical assets.

  1. Prepare accurate equipment specifications to guide the acquisition process.
  2. Estimate acquisition costs based on evaluation of current, accurate and relevant data.
  3. Make decisions on the replacement and acquisition of physical assets.
  4. Select methods of financing to meet current financial objectives.
  5. Finance acquisitions in consultation with financial specialists.
  6. Keep accurate records of all financial agreements.
Prepare accurate equipment specifications to guide the acquisition process.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Estimate acquisition costs based on evaluation of current, accurate and relevant data.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make decisions on the replacement and acquisition of physical assets.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Select methods of financing to meet current financial objectives.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Finance acquisitions in consultation with financial specialists.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Keep accurate records of all financial agreements.

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, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

plan for and manage the acquisition, maintenance and replacement of a diverse range of physical assets

monitor the utility of assets to meet business needs over a period of time

develop and maintain a current assets register

demonstrate knowledge of the features and benefits of different financing options for asset acquisition.

Context of and specific resources for assessment

Assessment must ensure use of:

a real or simulated tourism, hospitality or event industry business operation for which physical assets are monitored and maintained

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

suppliers with whom the individual can interact and negotiate.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:

projects, activities and case studies that allow assessment of the individual’s ability to:

manage physical assets for specific tourism, hospitality and event business environments

develop and maintain a physical assets register

evaluate the performance of physical assets and take actions to address deficiencies

written or oral questioning to assess knowledge of financing options

review of portfolios of evidence and thirdparty workplace reports of onthejob performance by the individual.

Guidance information for assessment

The assessor should design integrated assessment activities to holistically assess this unit with other units relevant to the industry sector, workplace and job role, for example:

BSBWRT401A Write complex documents

SITXFIN401 Interpret financial information

SITXFIN501 Prepare and monitor budgets

SITXMGT501 Establish and conduct business relationships.

Required Skills and Knowledge

Required skills

communication skills to discuss asset deficiencies with team members and to negotiate purchase and financial arrangements with suppliers

critical thinking 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

literacy skills to:

read and interpret complex product specifications and financial contracts

research new physical assets to enhance business performance

write detailed specifications for the supply of physical assets

numeracy skills to analyse financial data and interpret estimates and financial agreements for physical asset acquisition

planning and organising skills to manage maintenance and repair regimes and plan for the acquisition of assets

problem-solving skills to identify physical asset problems and to resolve through maintenance or replacement

self-management skills to take responsibility for the monitoring of physical asset quality, utility and acquisition

teamwork skills to regularly discuss the condition and utility of physical assets with team members and take account of their feedback when making acquisitions.

Required knowledge

types of physical assets required by tourism, hospitality and event organisations and the organisation in particular

maintenance requirements for different types of physical assets

a range of formats for and inclusions of asset registers

features and benefits of different financing options for asset acquisition, including purchase, rent, lease and hire purchase

depreciation that can be applied to different types of physical assets

practices to support environmental sustainability using 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, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Physical assets may include:

buildings

computer systems

equipment fixtures, fittings and furniture contained within:

accommodation establishments

commercial kitchens

restaurants and bars

storage areas

tourism, hospitality and event offices

transportation depots

gardens

pools

rides and games

vehicles

vessels.

Business objectives may include:

profitability

growth

provision of quality products and services to customers

adherence to:

codes of conduct

environmental sustainability philosophies and practices

industry accreditation schemes.

Practices to support environmental sustainability may include:

effective use of consumables

minimising waste

regular maintenance to ensure efficiency of machinery

systems to reduce resource use:

fuel

power

water.

Regular reporting practices may include a requirement for:

formal and informal customer and staff feedback

procedures to integrate daytoday condition reports

scheduled:

internal or external inspections and audits

management reports.

Assess may involve evaluation of:

ability to meet business objectives

cost of maintenance over a period of time

customer and staff feedback

input from specialists

operational efficiency

safety.

Specialist assistance may involve:

architects

builders

designers

electronic specialists

information technology suppliers

landscape architects

manufacturers

mechanics

tradespeople

vendors.

Specifications may include:

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.

Current,accurate and relevant dataused for estimating costs may include:

current maintenance contracts

estimates and quotations from suppliers

previous contracts and costs

published or advertised prices.

Methods of financing may include:

hire purchase

lease

purchase

rent.