SITXFIN011 - Manage physical assets

Unit code: SITXFIN011 | Study level: TAFE
Nominal hours:
40
Location
Footscray Nicholson
Industry
Prerequisites
N/A
Overview
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Overview

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, travel, hospitality and event sectors.

Assessment

For Melbourne campuses

Assessment tasks will be designed to reinforce & extend knowledge and skill competence within set & controlled parameters in accordance with each units learning outcomes & performance criteria requirements, including the setting of work based practical application tasks designed to provide evidence of competence outcomes, within periodic and scheduled timelines.

Students will be expected to demonstrate the following required skills:

  • establish a regime for the acquisition, maintenance and replacement of at least three different physical assets listed in the knowledge evidence
  • when establishing the above regime, include practices that:
  • monitor the utility of 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.

Students will also be expected to demonstrate the following knowledge:

  • 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:
  • buildings
  • computer systems
  • equipment fixtures, fittings and furniture in:
  • 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
  • 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.

Required reading

The qualified trainer and assessor will provide teaching and learning materials as required in the form of workbooks produced by Victoria University and/or via the Victoria University e-learning system.

As part of a course

This unit is studied as part of the following course(s):

Advanced Diploma of Hospitality Management
SIT60322 | Advanced diploma | Duration:

Refer to the course page for information on how to apply for the course. VU takes care to ensure the accuracy of this unit information, but reserves the right to change or withdraw courses offered at any time. Please check that unit information is current with the Student Contact Centre.

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