SITXFIN005 Manage physical assets
Manage Physical Assets
SITXFIN005
Assessment 2 – Project
Assessment 2
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SITXFIN005 Manage physical assets
ASSESSMENT 2- PROJECT
Purpose: The purpose of this assessment is to assess your knowledge required to
complete the tasks outlined in elements and performance criteria of this unit.
Find details of the assessment requirements from https://training.gov.au
ASSESSMENT 2 – PROJECT
This assessment questions have been mapped against the Knowledge evidence and
performance criteria of this unit. Find details from the mapping document.
LECTURER/ TRAINER: PREMITA RUNGASSAMY
STUDENT NAME:
STUDENT NO:
DATE COMPLETED:
INSTRUCTION:
Student are required to read and answer the questions given in a report format.
This assessment consists of 3 Parts.
Part A requires to develop a resource acquisition plan for the acquisition of 3
different resources
Part B requires to develop an asset register which needs to list the details for the 3
new physical assets you have determined in Part A. You must include the
maintenance requirements and schedule of maintenance for each asset.
PART C requires you to develop a resource management strategy which provides details on how
the efficiency of each asset is monitored
To demonstrate competence each PART must be answered by the student.
Student must include cover page, Table of content, page number among other
proper formatting techniques before submitting the documents
When you have completed all the required tasks check your work before
submitting.
Please note once the assessor has marked your work, they will provide you with
feedback. If you are required to resubmit any task/s then you must complete those
task/s by adding more information.
Assessment 2
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SITXFIN005 Manage physical assets
PART A – Acquisition Plan
Task: hospitality vegan café book shop?
You are required to choose 3 different physical assets, could be coffee machine, toaster, coolroom,
fridge for the cabinet relevant for an organisation in the Tourism, hospitality or event industries,
which may include any of the following:
Buildings
computer systems
equipment fixtures, fittings and furniture in one of the following:
o accommodation establishments
o commercial kitchens
o restaurants and bars
o storage areas
o tourism, hospitality and event offices
o transportation depots
gardens
pools
rides and games
vehicles
vessels
Steps to follow and answer questions:
1. Provide an overview of the business activities of the organisation relevant to the physical
assets selected.
Vegan café “name”, open Monday to Saturday from 6:30am to 2:00pm, small and cozy café where
you can sit and borrow a book if you like, pets are allowed at the outside area.
Vegan restaurant and the name, when its open, days and time, how many people you can sit …
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SITXFIN005 Manage physical assets
2. List the purpose of the acquisition or replacement of the physical assets, providing
detailed information what informs the decision to acquire these new assets. Why you are
buying the assets? Aumentando o business?
My new business needs some new assets to attend the high demand of clients.
3. Write an overview of specifications for each asset which clearly outline what requirements
each asset needs to fulfil in terms of capacity, performance, size, location requirements and
maximum budget for each or for the overall budget parameter. Brand, time of the assets, size,
price
where the asset is located, vegan café
size specifications to fit the area,
what it is supposed to achieve in terms of capacity refrigerator display? More coffees done
in less time, more space to store the food, more space and visibility of the sandwichs and
cakes.
service quality, brand new? Second hand? Best brand?
energy aspects (star Ratings?)
cost in terms of budget allocation how much?
4. Obtain 3 prices or quotes from different suppliers or sources for each asset. Attach the
correspondence and final quote received for each asset to this project. Silver chef
supply to the industry
5. Contact a financial institution and at least 2 different suppliers and obtain information on 3
different financing options available and costs (attach copies of your correspondence).
Silver chef or bank
6. Calculate the finance variants offered to you and determine the best options for each asset.
Your options need to include potential factors for depreciation, consideration for technology
changes and financial impacts on the organisation and financial aspects for which you will seek
specialist advice. (Your depreciation calculations must consider the current regulations
published on the ATO website). Hire, buy, lease
7. Based on your calculations in Q.6, explain the official process that now needs to be followed to
finalise the acquisition of each asset. This may include processes in your existing workplace or
common industry standards and needs to provide: purchase reposition or order
details for detailed specifications,
legal contracts, leasing, hiring
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SITXFIN005 Manage physical assets
requirements and documentation applicable to different acquisition and financing
methods, what documentation you need for the financial
preparation of documentation for disposal of assets that are being replaced including tax
obligations.
Purchase order sample on the google, after you already decided what you going to buy
Purchase reposition form, request
Nab finance for small business
Part B – Asset Register
Task:
1. Develop an asset register which lists the 3 assets determined in Part A. Your asset register
needs to include the following details:
Asset Details
Asset description/model/type
Serial Numbers
Purchase date
Cost
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SITXFIN005 Manage physical assets
Depreciation amount (from when you undertake this assessment to the end of the
financial year). If you have no current value, then base this calculation on the
approximate price you have determined using the ATO guidelines.
Closing Written Down Values (at the End of financial year where you undertake this
assessment)
2. Develop a maintenance register and identify the maintenance requirements for each asset
accordingly. For some assets that might be determined through lease clauses or service contract
agreements. If so, include these including the details. For the remaining assets consult the user
manuals or manufacturer’s recommendations with consideration to frequency of use relevant to
your organisation. For example, if a post-mix machine or coffee machine is connected to water
filter then this needs to be reflected in the maintenance requirements.
Part C – Resource management strategy
Task:
Develop a maintenance regime for each asset based on the maintenance requirements you have
determined in Part B. Write 3 different reports based on the selected assets.
1. The maintenance regime needs to include the following details and outline how each
aspect is affected and as a result addressed:
1) Reporting and monitoring mechanisms to ensure assets are functioning effectively and
issues are reported by using correct and suitable procedures including provisions for
specialist advice for complex issues.
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SITXFIN005 Manage physical assets
2) Provisions for collecting feedback from customers and reports from staff.
3) Types of maintenance required including common routine maintenance based on the
organisation’s activities for example adjusting doors, fixing furniture, cleaning air-conditioning
filters in guest rooms, etc.
4) Location of maintenance, e.g. can it be done off-site or away from heavily-trafficked areas?
5) Expected duration of maintenance works
6) Timing of scheduled maintenance, e.g. slow periods such as during the day for a nightclub,
or during the night in high frequency areas.
7) Likely disruption to operations – what are the disruptions and what are the expected
impacts?
8) WHS issues
9) Legal and regulatory requirements which apply for the physical assets during the course of
the financial year (for example for vehicles carrying passengers, electrical equipment or as
relevant to the specifc assets)
10) Summary of cost impacts for human resources (for examples where maintenance would, e.g.
require penalty rates for maintenance staff) or the costs where contractors are engaged for
specific maintenance requirements
11) Costs of scheduled maintenance in terms of parts, required equipment to perform the
maintenance and consumables
12) Provisions for monitoring of financial performance of the assets over the budget period.
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SITXFIN005 Manage physical assets
13) Occurrences based on the details outlined in the questions above which would inform to
review or audit the performance or viability of the assets.
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