Modification History
The version details of this endorsed unit of competency set are in the table below. The latest information is at the top.
Version |
Comments |
1.0 |
E Replaces and is equivalent to SITXFIN007A Manage physical assets. Re-worked Elements, Performance Criteria, Required Skills and Knowledge to more fully articulate content. |
Unit Descriptor
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.
Application of the Unit
This unit applies to all tourism, hospitality and event sectors.
It applies to senior managers who operate with significant autonomy and who are responsible for making a range of strategic management decisions.
Licensing/Regulatory Information
No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
Pre-Requisites
Not applicable.
Employability Skills Information
This unit contains employability skills.
Elements and Performance Criteria Pre-Content
Elements and Performance Criteria
Elements describe the essential outcomes of a unit of competency. |
Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide. |
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 the 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 the acquisition process. 3.2 Estimate acquisition costs based on evaluation of current , accurate and relevant data . 3.3 Make decisions on the replacement and acquisition of 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. |
Required Skills and Knowledge
This section describes the skills and knowledge required for this unit. |
Required skills |
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Required knowledge |
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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. |
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Overview of assessment |
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Critical aspects for assessment and evidence required to demonstrate competency in this unit |
Evidence of the ability to:
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Context of and specific resources for assessment |
Assessment must ensure use of:
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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:
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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:
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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. |
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Physical assets may include: |
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Business objectives may include: |
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Practices to support environmental sustainability may include: |
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Regular reporting practices may include a requirement for: |
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Assess may involve evaluation of: |
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Specialist assistance may involve: |
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Specifications may include: |
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Current , accurate and relevant data used for estimating costs may include: |
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Methods of financing may include: |
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Unit Sector(s)
Cross-Sector
Competency Field
Finance