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SITXFIN005 MANAGE PHYSICAL ASSETS

01 June 2023 14:08 PM | UPDATED 11 months ago

SITXFIN005 MANAGE PHYSICAL ASSETS :

SITXFIN005 MANAGE PHYSICAL ASSETS
SITXFIN005 MANAGE PHYSICAL ASSETS


INSTRUCTIONS TO LEARNER

ASSESSMENT INSTRUCTIONS

Overview

Prior to commencing the assessments, your trainer/assessor will explain each assessment task and the terms and conditions relating to the submission of your SITXFIN005 MANAGING PHYSICAL ASSETS assessment task. Please consult with your trainer/assessor if you are unsure of any questions. It is important that you understand and adhere to the terms and conditions, and address fully each assessment task. If any assessment task is not fully addressed, then your assessment task will be returned to you for resubmission. Your trainer/assessor will remain available to support you throughout the assessment process.

Written work

Assessment tasks are used to measure your understanding and underpinning skills and knowledge of the overall unit of competency. When undertaking any written SITXFIN005 MANAGING PHYSICAL ASSETS assessment tasks, please ensure that you address the following criteria:

  • Address each question including any sub-points
  • Demonstrate that you have researched the topic thoroughly
  • Cover the topic in a logical, structured manner
  • Your assessment tasks are well presented, well referenced and word processed
  • Your assessment tasks include your full legal name on each and every page.

Active participation

It is a condition of enrolment that you actively participate in your studies. Active participation is completing all the assessment tasks on time.

Plagiarism

Plagiarism is taking and using someone else’s thoughts, writings or inventions and representing them as your own. Plagiarism is a serious act and may result in a learner’s exclusion from a course. When you have any doubts about including the work of other authors in your SITXFIN005 MANAGING PHYSICAL ASSETS assessment, please consult your trainer/assessor. The following list outlines some of the activities for which a learner can be accused of plagiarism:

  • Presenting any work by another individual as one’s own unintentionally
  • Handing in assessments markedly similar to or copied from another learner
  • Presenting the work of another individual or group as their own work
  • Handing in assessments without the adequate acknowledgement of sources used, including assessments taken totally or in part from the internet.

If it is identified that you have plagiarised within your assessment, then a meeting will be organised to discuss this with you, and further action may be taken accordingly.

Collusion

Collusion is the presentation by a learner of an SITXFIN005 MANAGING PHYSICAL ASSETS assignment as their own that is, in fact, the result in whole or in part of unauthorised collaboration with another person or persons. Collusion involves the cooperation of two or more learners in plagiarism or other forms of academic misconduct and, as such, both parties are subject to disciplinary action. Collusion or copying from other learners is not permitted and will result in a “0” grade and NYC.

Assessments must be typed using document software such as (or similar to) MS Office. Handwritten assessments will not be accepted (unless, prior written confirmation is provided by the trainer/assessor to confirm).

Competency outcome

There are two outcomes of SITXFIN005 MANAGING PHYSICAL ASSETS assessments: S = Satisfactory and NS = Not Satisfactory (requires more training and experience).

Once the learner has satisfactorily completed all the tasks for this module the learner will be awarded “Competent” (C) or “Not yet Competent” (NYC) for the relevant unit of competency.

If you are deemed “Not Yet Competent” you will be provided with feedback from your assessor and will be given another chance to resubmit your assessment task(s). If you are still deemed as “Not Yet Competent” you will be required to re-enrol in the unit of competency.

Additional evidence

If we, at our sole discretion, determine that we require additional or alternative information/evidence in order to determine competency, you must provide us with such information/evidence, subject to privacy and confidentiality issues. We retain this right at any time, including after submission of your assessments.

Confidentiality

We will treat anything, including information about your job, workplace, employer, with strict confidence, in accordance with the law. However, you are responsible for ensuring that you do not provide us with anything regarding any third party including your employer, colleagues and others, that they do not consent to the disclosure of. While we may ask you to provide information or details about aspects of your employer and workplace, you are responsible for obtaining necessary consents and ensuring that privacy rights and confidentiality obligations are not breached by you in supplying us with such information.

Assessment appeals process

If you feel that you have been unfairly treated during your SITXFIN005 MANAGING PHYSICAL ASSETS assessment, and you are not happy with your assessment and/or the outcome as a result of that treatment, you have the right to lodge an appeal. You must first discuss the issue with your trainer/assessor. If you would like to proceed further with the request after discussions with your trainer/assessor, you need to lodge your appeal to the course coordinator, in writing, outlining the reason(s) for the appeal.

Recognised prior learning

Candidates will be able to have their previous experience or expertise recognised on request.

Special needs

Candidates with special needs should notify their trainer/assessor to request any required adjustments as soon as possible. This will enable the trainer/assessor to address the identified needs immediately.

ASSESSMENT REQUIREMENTS

Assessment can either be:

  • Direct observation
  • Product-based methods e.g. reports, role plays, work samples
  • Portfolios – annotated and validated
  • Questioning
  • Third party evidence.

If submitting third party evidence, the Third Party Observation/Demonstration document must be completed by the agreed third party.

Third parties can be:

  • Supervisors
  • Trainers
  • Team members
  • Clients
  • Consumers.

The third party observation must be submitted to your trainer/assessor, as directed.

The third party observation is to be used by the assessor to assist them in determining competency.

The SITXFIN005 MANAGING PHYSICAL ASSETS assessment activities in this workbook assess aspects of all the elements, performance criteria, skills and knowledge and performance requirements of the unit of competency.

To demonstrate competence in this unit you must undertake all activities in this workbook and have them deemed satisfactory by the assessor. If you do not answer some questions or perform certain tasks, and therefore you are deemed to be Not Yet Competent, your trainer/assessor may ask you supplementary questions to determine your competence. Once you have demonstrated the required level of performance, you will be deemed competent in this unit.

Should you still be deemed Not Yet Competent, you will have the opportunity to resubmit your assessments or appeal the result.

As part of the SITXFIN005 MANAGING PHYSICAL ASSETS assessment process, all learners must abide by any relevant assessment policies as provided during induction.

If you feel you are not yet ready to be assessed or that this assessment is unfair, please contact your assessor to discuss your options. You have the right to formally appeal any outcome and, if you wish to do so, discuss this with your trainer/assessor.

Observation/Demonstration

Throughout this SITXFIN005 MANAGING PHYSICAL ASSETS unit, you will be expected to show your competency of the elements through observations or demonstrations. Your trainer/assessor will have a list of demonstrations you must complete or tasks to be observed. The observations and demonstrations will be completed as well as the activities found in this workbook.

An explanation of observations and demonstrations:

Observation is on-the-job

The observation will usually require:

  • Performing a work based skill or task
  • Interaction with colleagues and/or customers.

Demonstration is off-the-job

A demonstration will require:

  • Performing a skill or task that is asked of you
  • Undertaking a simulation exercise.

Your trainer/assessor will inform you of which one of the above they would like you to do. The observation/demonstration will cover one of the unit’s elements.

The observation/demonstration will take place either in the workplace or the training environment, depending on the task to be undertaken and whether it is an observation or demonstration. Your trainer/assessor will ensure you are provided with the correct equipment and/or materials to complete the task. They will also inform you of how long you have to complete the task.

You should be able to demonstrate the skills, knowledge and performance criteria required for competency in this unit, as seen in the Learner Guide.


THIRD PARTY GUIDE

You should supply details of the third party to the assessor before you commence the activities (see below), unless the assessor has already selected a third party themselves. The assessor can then contact the third party in instances where they require more evidence to determine competency, or they cannot observe certain tasks themselves.

The reasons to use a third party may include:

  • Assessment is required in the workplace
    • Where there are health and safety issues related to observation
    • Patient confidentiality and privacy issues are involved.

If you are not employed, or able to complete demonstrative tasks in the workplace, you will need to inform the assessor. They will be able to provide you with a simulated environment in which to complete these tasks.

We would prefer that, wherever possible, these be “live” issues for your industry and require application of the principles that you are learning as part of your training.

Where this is not possible, you and your third party should simulate the activity tasks and demonstrations that you believe would be likely to arise in your organisation or job role.

Third party evidence can also be used to provide “everyday evidence” of tasks included in your work role that relate to the unit of competency but are not a part of the formal assessment process.

The third party is not to be used as a co-assessor – the assessor must make the final decision on competency themselves.

Documents relevant to collection of third party evidence are included in the Third Party section in the Observations/Demonstrations document.

ACTIVITIES

Complete the following activities individually or in a group (as applicable to the specific activity and the assessment environment).

ACTIVITY 1A

  
ObjectiveTo provide you with an opportunity to develop and maintain an accurate and current physical assets register
 Complete the following individually or in a group (as applicable to the specific activity and the assessment environment):   What information does your physical assets register record?                             Provide the information for a physical asset of your choice that is recorded in the asset.
SITXFIN005 MANAGE PHYSICAL ASSETS

ACTIVITY 1B

  
ObjectiveTo provide you with an opportunity to develop practices for managing physical assets that reflect overall business objectives
 Complete the following individually or in a group (as applicable to the specific activity and the assessment environment):   What are your organisation’s business objectives?                           Explain how your management practices for physical assets promote profitability or growth.                           Explain how your management practices for physical assets promote environmental sustainability.
SITXFIN005 MANAGING PHYSICAL ASSETS

ACTIVITY 1C

  
ObjectiveTo provide you with an opportunity to establish and implement maintenance and repair regimes that minimise disruption and loss of revenue
 Complete the following individually or in a group (as applicable to the specific activity and the assessment environment):   Explain you organisation’s maintenance and repair regime for physical assets. How do you minimise disruption during this time?
SITXFIN005 MANAGING PHYSICAL ASSETS

ACTIVITY 1D

  
ObjectiveTo provide you with an opportunity to integrate practices to support environmental sustainability into use of physical assets
 Complete the following individually or in a group (as applicable to the specific activity and the assessment environment):   Define environmental sustainability.
SITXFIN005 MANAGING PHYSICAL ASSETS

ACTIVITY 1E

  
ObjectiveTo provide you with an opportunity to evaluate current and potential financial ability to acquire physical assets
 Complete the following individually or in a group (as applicable to the specific activity and the assessment environment):   What should you consider in order to determine your organisation’s financial ability to acquire assets?                                 What are different methods of payment?
SITXFIN005 MANAGING PHYSICAL ASSETS

ACTIVITY 2A

  
ObjectiveTo provide you with an opportunity to establish and implement regular reporting practices to ensure effective performance of physical assets identify physical asset problems promptly and take appropriate action
 Complete the following individually or in a group (as applicable to the specific activity and the assessment environment):   What reporting practices does your organisation have relating to physical assets?
SITXFIN005 MANAGING PHYSICAL ASSETS

ACTIVITY 2B

  
ObjectiveTo provide you with an opportunity to assess long-term physical asset performance
 Complete the following individually or in a group (as applicable to the specific activity and the assessment environment):   Give an example of a possible problem with a physical asset in your organisation, and how you would resolve it.
SITXFIN005 MANAGING PHYSICAL ASSETS

ACTIVITY 2C

  
ObjectiveTo provide you with an opportunity to evaluate need for, and access, specialist assistance
 Complete the following individually or in a group (as applicable to the specific activity and the assessment environment):   Choose a physical asset in your workplace and explain its cost of maintenance.
SITXFIN005 MANAGING PHYSICAL ASSETS

ACTIVITY 3A

  
ObjectiveTo provide you with an opportunity to prepare accurate equipment specifications to guide acquisition process
 Complete the following individually or in a group (as applicable to the specific activity and the assessment environment):   Choose a physical asset that may be required in the workplace and list the specifications (if they apply) for:   BudgetEnvironmental sustainabilityFloor planNumber and typeOperational performance.
SITXFIN005 MANAGING PHYSICAL ASSETS

ACTIVITY 3B

  
ObjectiveTo provide you with an opportunity to estimate acquisition costs based on evaluation of current, accurate and relevant data
 Complete the following individually or in a group (as applicable to the specific activity and the assessment environment):   Choose a physical asset and research the acquisition costs for it.
SITXFIN005 MANAGE PHYSICAL ASSETS

ACTIVITY 3C

  
ObjectiveTo provide you with an opportunity to make decisions on replacing and acquiring physical assets
 Complete the following individually or in a group (as applicable to the specific activity and the assessment environment):   Choose a physical asset in your workplace which requires repair. List the pros and cons of repairing or replacing it. Which is better?
SITXFIN005 MANAGE PHYSICAL ASSETS

ACTIVITY 3D

  
ObjectiveTo provide you with an opportunity to select methods of financing to meet current financial objectives
 Complete the following individually or in a group (as applicable to the specific activity and the assessment environment):   Explain the different benefits of purchasing and leasing assets.                               Explain two different types of depreciation.
SITXFIN005 MANAGE PHYSICAL ASSETS

ACTIVITY 3E

  
ObjectiveTo provide you with an opportunity to finance acquisitions in consultation with financial specialists
 Complete the following individually or in a group (as applicable to the specific activity and the assessment environment):   What are methods of financing acquisitions?                                 Name a financial specialist you can consult with regarding acquisitions.
SITXFIN005 MANAGE PHYSICAL ASSETS

ACTIVITY 3F

  
ObjectiveTo provide you with an opportunity to keep accurate records of all financial agreements
 Complete the following individually or in a group (as applicable to the specific activity and the assessment environment):   1. What financial records do you keep in your organisation?
SITXFIN005 MANAGE PHYSICAL ASSETS

                             2. How are they stored?
SITXFIN005 MANAGE PHYSICAL ASSETS

SITXFIN005 MANAGING PHYSICAL ASSETS


SUMMATIVE SITXFIN005 MANAGING PHYSICAL ASSETS ASSESSMENTS

The summative assessments are the major activities designed to assess your skills, knowledge and performance, as required to show competency in this unit. These activities should be completed after finishing the Learner Guide. You should complete these as stated below and as instructed by your trainer/assessor.

Skills, knowledge and performance may be termed as:

  • Skills – skill requirements, required skills, essential skills, foundation skills
  • Knowledge – knowledge requirements, required knowledge, essential knowledge, knowledge evidence
  • Performance – evidence requirements, critical aspects of assessment, performance evidence.

Section A: Skills Activity

The Skills Activity is designed to be a series of demonstrative tasks that should be assessed by observation (by the assessor or third party, depending on the circumstances).

It will demonstrate all of the skills required for this unit of competency – your assessor will provide further instructions to you, if necessary.

Section B: Knowledge Activity (Q & A)

The Knowledge Activity is designed to be a verbal questionnaire where the assessor asks you a series of questions to confirm your competency for all of the required knowledge in the unit of competency.

Section C: Performance Activity

The Performance Activity is designed to be a practical activity performed either in the workplace or a simulated environment. You should demonstrate the required practical tasks for the unit of competency and be observed by the assessor and/or third party, as applicable to the situation. If the third party is required to observe you, you will need to make the required arrangements with them.

If necessary for the activities, you should attached completed written answers, portfolios or any evidence of competency to this workbook.

SECTION A: SKILLS ACTIVITY

Objective: To provide you with an opportunity to show you have the required skills for this unit.

This activity will enable you to demonstrate the following skills:

  • Reading
  • Oral communication
  • Numeracy
  • Learning
  • Problem-solving
  • Initiative and enterprise
  • Teamwork
  • Planning and organising

Answer the activity in as much detail as possible, considering your organisational requirements.

  1. Read a complex asset description and explain the meaning of it to another learner.
  • With another learner, roleplay negotiating the price and conditions of an asset. Take turns playing the role of buyer and the seller.
  • Analyse numerical information about an asset and explain the meaning of it to another learner.
  • Identify an issue or problem in the workplace. Research a new physical asset which may solve it and enhance the business’s performance. Give details of it.
  • With other learners, discuss a proposed improvement for a physical asset that you identified in a previous question.
  • Plan the maintenance regime for an asset for the next year.

SECTION B: KNOWLEDGE ACTIVITY (Q & A)

Objective: To provide you with an opportunity to show you have the required knowledge for this unit.

The answers to the following questions will enable you to demonstrate your knowledge of:

  • Business objectives relevant to management of physical assets
    • Types of physical assets required by tourismMaintenance requirements for different types of physical assetsConsiderations for long-term assessment of physical assetsEquipment specifications to guide acquisition processFormats for asset registersFinancing options for asset acquisitionDepreciation of physical assetsData used in asset acquisition
    • Supporting environmental sustainability of physical assets.

Answer each question in as much detail as possible, considering your organisational requirements for each one.

  1. What are your organisation’s business objectives and how do they affect the management of physical assets?
  • What types of physical assets are required the tourist industry?
  • What are the maintenance requirements for different types of physical assets in your workplace?
  • What should you consider when conducting long-term assessment of physical assets?
  • What equipment specifications apply in your organisation?
  • Give examples of formats for asset registers.
  • What different finance options are available for asset acquisition?
  • Explain how depreciation is calculated.
  • What data can be used in asset acquisition?
  1. How can you maximise the environmental sustainability of physical assets?

SECTION C: PERFORMANCE ACTIVITY

Objective: To provide you with an opportunity to demonstrate the required performance elements for this unit.

This activity will enable you to demonstrate the following performance evidence:

  • Develop a plan for the acquisition, maintenance and replacement of at least three different types of physical assets listed in the knowledge evidence
    • Demonstrate procedures to:
      • monitor the utility of above 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.

Answer the activity in as much detail as possible, considering your organisational requirements.

In a workplace, develop a plan for the acquisition, maintenance and replacement of at least three different types of physical assets listed in the knowledge evidence.

Ensure that you:

  • Monitor the utility of above 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.

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