SITXFIN005 - Manage Physical Assets Student Assessment Booklet

This assessment booklet and tool has been designed for students undertaking face to face mode of study to provide information before students take assessments and contains assessment tools to assess the skills and knowledge required from students to be deemed competent in this unit.

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SITXFIN005 - Manage physical
assets Student Assessment
Booklet
Version 3.0

SITXFIN005
Student Assessment
Booklet
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SITXFIN005
Student Assessment
Booklet ASSESSMENT RECEIPT FORM
STUDENT NAME:
STUDENT ID:
COURSE CODE:
COURSE TITLE:
TRAINER’S/ASSESSOR’S
NAME:
ISSUE DATE:
DUE DATE:
UNIT CODE AND
DESCRIPTION
SITXFIN005- MANAGE PHYSICAL ASSETS
NOTE:
1. This form must be stapled on top of the Assessment Workbook upon submission.
2. This Assessment Receipt Form must be dated and signed in.
DECLARATION
1. I am aware that penalties exist for plagiarism and academic dishonesty.
2. I am aware of the requirements set by my Trainer/Assessor.
3. I have retained a copy of my Assessment.
Student Signature: Date:
ASSESSMENT RECEIVED BY RGIT Staff
Name:
Date:
Signature:
================================= Tear Here
===========================
Students must retain this as a Record of
Submission. Assessment Handed On:
Unit Code & Description: SITXFIN005- MANAGE PHYSICAL ASSETS
RGIT Student
Assessment Received by
RGIT Staff Name: …………………...……...
Signature: …………...…..…………..…...
Student ID: .................................................
Student Signature: ….……………..…….
Page: 3 of 64

SITXFIN005
Student Assessment
Booklet
This assessment booklet and tool has been designed for students undertaking face to face
mode of study to provide information before students take assessments and contains
assessment tools to assess the skills and knowledge required from students to be deemed
competent in this unit.
This booklet might not be suitable for students taking other modes of study e.g. online or work
based.
Please read all the information given to you when you receive this assessment booklet. If you
do not understand any part of this booklet, please inform your assessor/trainer.
The assessment booklet contains two (2) parts:
PART 1: Assessments information: This part contains information on assessments for this
unit of competency and how assessment will be conducted throughout the unit to achieve the
competency. It includes:
 Application of the unit of competency.
 Purpose of assessment.
 Elements, performance evidence and knowledge evidence requirements of the unit.
 Conditions, context, required resources and location of the assessment.
 Assessment tasks.
 Outline of evidence to be collected.
 Administration, recording and reporting the requirements including special
adjustments, appeals, reasonable adjustments and assessors’ intervention.
PART 2: Assessment tasks: This part contains the information to successfully undertake
the assessment task. In each assessment task, students will find the following information:
 Task instructions.
 Role play / Practical Demonstration information.
 Information on resources required, where applicable
 Appendix1- Assessment resource in RGIT Kitchen
ABOUT THIS
BOOKLET

SITXFIN005
Student Assessment
Booklet
PART 1
Assessment Information

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Student Assessment
Booklet
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Application of the unit of competency:
This unit describes the performance outcomes, skills and knowledge required to manage the
physical assets of an organization. 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, hospitality and event sectors.
No occupational licensing, certification or specific legislative requirements apply to this unit
at the time of publication.
Purpose of assessment:
The purpose of assessment is to determine competency in the unit SITXFIN005 -
MANAGE PHYSICAL ASSETS
Elements
Element
s
Elements Title
1 Develop practices for systematic maintenance, repair and purchase
of physical assets.
2 Monitor the condition and performance of physical assets
3 Coordinate financing and purchase of physical assets
Performance evidence:
Evidence of the ability to complete tasks outlined in elements and performance criteria of
this unit in the context of the job role, and:
 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.

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Knowledge Evidence
Demonstrated knowledge required to complete the tasks outlined in elements
and performance criteria of this unit:
 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 organizations
and the organization in particular:
 buildings
 computer systems
 equipment fixtures, fittings and furniture in one of the following:
 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:

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 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 specified in performance evidence
 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.

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Assessment Conditions
To comply with the assessment condition of this unit:
 Students must demonstrate adequate skills and knowledge evidence by providing a
satisfactory outcome for each assessment task. They will be marked against the
recommended model answers in this trainer and assessor guide.
 Students will have access to current commercial purchase specifications, supplier
product and cost information, and contractual documentation used for the purchase of
assets. (Please refer Appendix1 at the end of this assessment tool for detailed list of
assessment resources)
 RGIT will conduct practical assessment for this unit in its class rooms and operational
training environment either at 28-32 Elizabeth Street Melbourne VIC 3000 or at Level
3, 162 Macquarie Street Hobart, TAS 7000, where student will manage physical
assets.
 Please refer Appendix1 at the end of this assessment tool for detailed list of
assessment resources.
 Knowledge assessment for this unit will be conducted at RGIT Classrooms
All RGIT assessor those are assessing this unit will satisfy the requirements specified in Standards
for
Registered Training Organizations’ requirements for assessors.
Resources Required:
The assessor will ensure that assessment is conducted in a safe environment and you have
access to the following resources for the unit.
- Computers with access to internet and printers.
- DIDASKO learner guide for unit SITXFIN005.
Clustering/holistic assessment:
There is no provision for clustering of assessments in this unit.
Competency Requirements:
To be judged competent in this unit, you will be required to demonstrate all indicators which are
shown in the Marking Guide (assessor’s document).
You must satisfactorily complete all assessment tasks to be Competent (C) in the unit.
Students with unsatisfactory completion of any of the assignment tasks will be deemed Not
Yet Competent (NYC).
Assessors will ensure that the evidence collected meets the requirements of the Rules of
Evidence (authentic, current, sufficient and valid) prior to entering results into the
competency record sheet.
Students unsuccessful at achieving “Satisfactory” for any assessment at the first attempt will
be given two opportunities for reassessment. If the student is still deemed Not Yet
Competent (NYC) after two reassessments in a unit of competency student will be required
to repeat the unit as per the scheduled delivery of the course. For further details, refer to
RGIT Re-Assessment Policy and RGIT Course Progress Policy.

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Assessment tasks Assessment description Location of
assessmen
t
Assessment
Task 1 (AT1) –
Knowledge Test
You are required to choose the correct option(s)
from the choices given for the questions and
present your assignment in a clear and
professional manner.
Needs to be
completed in
virtual
classroom
during Covid-19
period
Assessment
Task 2 (AT2) –
Worksheets
This assessment task is short answer question
which demonstrates that Students have the
required knowledge to Manage physical assets.
Needs to be
completed in
virtual
classroom
during Covid-19
period
Assessment
Task 3 (AT3) –
Project
This is a project-based task which requires you to
develop, implement and monitor a maintenance
program and coordinate the acquisition of
physical assets.
Needs to be
completed in
virtual
classroom
during Covid-19
period
Assessment Task:
To achieve competency in this unit, you must satisfactorily complete all the following
assessment tasks within the date and time specified in the session plan. This will
demonstrate that you have all the required skills and knowledge for this unit.
Outline of evidence to be collected:
You must submit the following evidence to be marked competent for this unit. Your
assessor will ensure that the evidence submitted meets the Rules of Evidence which are
valid, sufficient, current and authentic.
Assessment
Task 1 (AT1) –
Knowledge Test
 Completed knowledge test with questions answered and
submit to your assessor electronically or paper-based.
 Complete and sign the cover sheet for assessment task.
Assessment
Task 2 (AT2) –
Worksheets
 Answer all the questions correctly in the Written Knowledge
Questions and submit to your assessor electronically or paper-
based.
 Complete and sign the cover sheet for assessment task.
Assessment
Task 3 (AT3) –
Project
 develop, implement and monitor a maintenance program
and coordinate the acquisition of physical assets.
 Complete all three tasks
 Answer all questions
Administration, recording and reporting requirements:
You must read and follow this information carefully while completing assessments for this unit of
competency and if you are unsure of any instruction, please contact your assessor to clarify.

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The assessments are intended to be equitable, fair and flexible.

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64
Submission of assessment:
You must ensure that the completed assessment tasks are submitted along with the
assessment cover sheet:
 Your assessor will mark the submitted assessment, provide feedback to you and
complete the comments section against each task, where applicable.
 ALL tasks must be completed in legible English. It is preferred that the tasks submitted
for assessments are typed and that they are legible and clear, if handwritten.
 You must submit all assessments on or before the due date specified by the assessor
as per the training plan.
 Extensions for individual assessment tasks may be negotiated in specific
circumstances with your assessor/trainer. However, you need to provide genuine
evidence/documents when seeking an extension (e.g. extensions due to illness will
require a medical certificate). To arrange an extension, you must speak to your
assessor prior to the due date. Extensions must be confirmed by the trainer in writing.
 You are permitted to use dictionaries and to seek support (as required) unless it puts
in jeopardy the integrity of the assessment. Your assessor will let you know if this is
the case.
 Unless the assessment task specifically allows working in pairs or group activities such
as brainstorming, you must submit your own original work and must not copy the work
of other students. Plagiarism is unacceptable.
 You can submit your assessment tasks through the learning management system or
hand in hard copies in the classroom.
Recording an assessment result:
Once the assessments have been completed, the assessor will record the assessment results
on the student assessment record sheets and LMS/student management system and all
results will be approved by the course coordinator.
Assessors will check that you have completed the student declaration prior to filling
out the assessment sheet.
Retaining assessment records:
RGIT will securely retain all completed student assessment items for each student for a
period of six months from the date on which the judgement of competence for the student
was made.
RGIT will also retain sufficient data to be able to reissue AQF certification documentation
for a period of 30 years.
All assessment records submitted to the assessor for marking will be stored and retained
properly. And a hard copy will be submitted to student administration for filing along with
the evidence.
The assessor will ensure that the student records are securely retained in accordance
with the RGIT record control policy accessible by the Student Administration Officer.

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Responsibility: Course
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Last Reviewed: August
2020
Assessment outcomes:
For unit of competency:
There are two outcomes for assessments: C = Competent and NYC = Not Yet
Competent (requires more training and experience).
You will be awarded C = Competent on completion of the unit when the assessor is satisfied
that you have completed all assessments and have provided the appropriate evidence
required to meet all criteria in line with the Rules of Evidence. If you fail to meet this
requirement, you will receive the result NYC = Not Yet Competent and will be eligible to be
re-assessed in accordance with the RGIT Re-Assessment Policy and RGIT Course Progress
Policy.
For assessment task:
There are two assessment outcomes for tasks. S = Satisfactory and NS = Not Satisfactory.
On the individual assessment cover sheet for assessment tasks you will be marked
Satisfactory, if you have completed the task successfully, submitted all evidence and
satisfied the assessment criteria and Not Satisfactory, if you have not completed the task,
the evidence is not sufficient or does not meet the requirements of the assessment criteria.
Re-assessment:
If you are unsuccessful at achieving competency at the first attempt, you will be given two
further opportunities for re-assessment at a mutually agreed time and date. For further
details, refer to the RGIT Re-Assessment Policy and RGIT Course Progress Policy. As this is a
competency based program, the assessment continues throughout the program until you
either achieve Competency in the assessment tasks or a further training need is identified
and addressed.
Student access to records:
You have the right to access current and accurate records of your participation and results
at any time. You can see your results or attendance progress by logging in to the Learning
Management System at any time or you can request a copy of your records by contacting
the student administration and the assessor.
Support:
You may seek clarification about the assessment information and the instructions and tasks
at any time from the assessor.
Reasonable adjustments and special learning needs:
RGIT Australia works to ensure that students with recognized disadvantages can access and
participate in education and training on the same basis as other students. Disadvantages
may be based, for example, upon age, cultural background, physical disability, limited or non-
current industry experience, language, numeracy or digital literacy issues.
Where pre-training interviews and assessments reveal that a student may require special
support or where, after enrolment, it is made apparent that the student requires special
support, reasonable adjustments will be made to the learning environment, training

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delivery, learning

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resources and/or assessment tasks to accommodate the needs of the student. An
adjustment is reasonable if it can accommodate the student’s needs, while also taking into
account factors such as the student’s views, the potential effect of the adjustment on the
student and others and the costs and benefits of making the adjustment.
Any adjustments made must:
a. Be discussed, agreed and documented in the assessment record.
b. Benefit the student.
c. Maintain the integrity of the competency standards and course requirements as
stipulated in the training package.
d. Be reasonable to expect in a
workplace. Reasonable adjustment may
consist of:
a. Providing additional time for students to complete learning and assessment tasks.
b. Presenting questions orally for students with literacy issues.
c. Asking questions in a relevant practical context.
d. Using large print material.
e. Extending the course duration.
f. Presenting work instructions in diagrammatic or pictorial form instead of words
and sentences.
Complaints and appeals:
If you are dissatisfied with an assessment outcome, you may appeal the assessment
decision. In the first instance, you are encouraged to appeal informally by contacting the
assessor and discussing the matter with them. If you are dissatisfied with the outcome of
such discussion, you may appeal further to either the course coordinator and/or Head of
Department. If you are still dissatisfied, you may appeal formally and in writing to have the
result reviewed. For more information, refer to the Assessment Policy and the Complaints
and Appeals Policy and Procedures.
Assessor intervention:
Assessors will check if you are ready for the assessment, and defer the assessment if you are
not. Feedback will be given to you at the completion of the assessment. During role play, the
assessor may act as a client or employer, where required, but the assessor will not interfere
with the assessment. If the assessment activities might impact on your safety or that of
others, the assessor will stop the assessment immediately.
Plagiarism, cheating and assessment dishonesty:
RGIT considers plagiarism and cheating as a serious misdemeanour. Evidence of plagiarism
and cheating is treated on a case by case basis and the consequences for students engaging
in such practices may include failure of the assessment or unit or exclusion from the course.
For more information, refer to RGIT’s Assessment Policy.

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Assessor feedback:
Assessors will provide feedback on the assessment that you have submitted. This can identify
your strengths and weaknesses or be an overall comment on your submission. A copy of the
feedback along with your submission will be given to you and you must keep a copy of it
throughout the completion of the course.
Student Declaration:
I.....................................................................(Student Name) have read and understood the
information provided above and accept that any act of plagiarism and academic
dishonesty may have penalties including cancellation or suspension of my enrolment with
RGIT. I further declare that:
 All assessment work submitted for this unit competency is my own original work and
plagiarism and collusion has not occurred.
 Assessment work has not been copied or submitted for any other unit/course.
 I have taken proper care and effort to ensure my work has not been copied by another
person.
 I have retained a copy of this assessment for my own records in the event I must
reproduce my work.
 I am aware that any assessment deemed unsatisfactory will require me to undergo
reassessment which may be different to the one originally submitted.
Student signature: ............................................................... Date: ....../....../.......

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PART 2
Assessment Task

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Assessment Cover Sheet: Assessment Task 1 (AT1)
Student Detail
Student Name
Student Id:
Group No (If Applicable):
Assessment Details
Unit of Competency SITXFIN005- MANAGE PHYSICAL ASSETS
Assessment Task Knowledge Test
Issue Date
Due Date
Assessment Outcome Satisfactory □ Not Satisfactory □
Assessor name
Comments/Feedback
Student Plagiarism Declaration: By submitting this assessment to the college, I declare that
this assessment task is original and has not been copied or taken from another source except
where this work has been correctly acknowledged. I have made a photocopy or electronic copy
or photograph of my assessment task, which I can produce if the original is lost.
Assessor Student
I declare that I have conducted a fair, valid,
reliable and flexible assessment with this student,
and I have provided appropriate feedback. I also
declare that I have undertaken the indicated
assessment integrity checks.
I have received, discussed and accepted
my result as above for this task and I
am aware of my appeal rights.
Plagiarism check Yes No NA
Check for Copying/Collusion Yes No
Check for Authenticity (own work) Yes No
Cheating or use of model answers Yes No
Signature: ........................................................ Signature: .......................................
Date: ................................................................ Date: ..............................................

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Last Reviewed: August
2020
Assessment task 1: Knowledge Test
Required documents and equipment:
- Computer with internet connection to refer to various resources.
- Student assessment booklet and a pen (organized by the student).
- RGIT Learners’ resources for the unit SITXFIN005 – Manage physical assets (organised
by the trainer).
- Learner’s notes.
Instructions for students:
This assessment will be conducted in the RGIT classroom or outside the campus with
access to the resources listed above.
You must satisfactorily perform all tasks to be deemed satisfactory for the assessment.
Planning the assessment
- Recommended date for assessment: [Trainer to provide]
- Access all resources mentioned in required resources either printed copies or access via
the internet.
- You must:
o Answer all the questions satisfactorily to be deemed competent.
o Complete the assessment and submit in due timeline.
o Submit with a completed assessment cover sheet.
- Your assessor will set a time to provide feedback.
Evidence specifications:
At the end of the assessment, you will be required to submit the following evidence before
the due date specified by the assessor:
- You are required to submit a completed questions and answers.
- Completed and signed cover sheet for assessment.
Evidence submission:
- Documentation can be submitted electronically or paper-based.
- Your assessor will record the assessment outcome on the assessment cover sheet.

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1. How can an accurate and current asset register help you manage physical assets?
g7
□ Satisfactory □ Not
Satisfactory
2. What asset management practices can you develop to reflect business objectives such
as profitability and future growth?
□ Satisfactory □ Not
Satisfactory
3. Name one correct important factor you should consider when establishing and
implementing maintenance schedules as part of a maintenance and repair regime?
□ Satisfactory □ Not
Satisfactory
4. When can you integrate environmentally sustainable practices for physical assets?
Which one is correct out of the three mentioned below?
 When researching the acquisition of a new asset or replacement of an existing one.
 When acquiring the asset, developing the maintenance program and
implementing maintenance procedures.
 When developing the maintenance program and during disposal of the asset.
5. What sources of information can you use to evaluate a business’s financial ability to acquire
assets?

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□ Satisfactory □ Not
Satisfactory

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6. How does tracking maintenance costs help you evaluate the long-term performance of a
physical asset?
□ Satisfactory □ Not
Satisfactory
7. What should you consider when implementing reporting practices on asset
performance? Name the best option.
□ Satisfactory □ Not
Satisfactory
8. What are the three most common causes of problems with physical assets? Pick the
most accurate answer.
 Faulty parts, poor cleaning regimes, lack of appropriate maintenance.
 The age of the asset, the processes it is used for in the workplace and response
time once a problem is identified.
 The asset itself, the people using it, the procedures being followed.
□ Satisfactory □ Not Satisfactory
9. Which of the following specialist services would a business most likely access to help
them monitor and maintain their physical assets?
 Accounting services.
 Computer hardware and software suppliers.
 Office consumables supplier.
□ Satisfactory □ Not Satisfactory
10. What information is included in a physical asset’s specification?
□ Satisfactory □ Not
Satisfactory

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11. Other than the price quoted, what else should you include when calculating the
estimated cost of a new asset?
□ Satisfactory □ Not
Satisfactory
12. How can staff contribute to decisions regarding the replacement or acquisition of
physical assets?
□ Satisfactory □ Not
Satisfactory
13. Purchase and leasing assets are two common methods of acquisition. How do these
options impact the business? What is most favourable?
 Purchasing requires an upfront, lump sum payment, whereas leasing payments
are spread over the life of the lease agreement.
 Purchasing means the business has the use of the asset immediately. Leasing
means the asset is not available until the payments are made.
14. What is the best way for you to consult financial specialists when financing an asset
acquisition?
□ Satisfactory □ Not
Satisfactory
15. Why should asset acquisition documents be recorded and stored safely?
□ Satisfactory □ Not
Satisfactory

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Assessment Cover Sheet: Assessment Task 2 (AT2)
Student Detail
Student Name
Student Id:
Group No (If Applicable):
Assessment Details
Unit of Competency SITXFIN005- MANAGE PHYSICAL ASSETS
Assessment Task Worksheets
Issue Date
Due Date
Assessment Outcome Satisfactory □ Not Satisfactory □
Assessor name
Comments/Feedback
Student Plagiarism Declaration: By submitting this assessment to the college, I
declare that this assessment task is original and has not been copied or taken from
another source except where this work has been correctly acknowledged. I have made a
photocopy or electronic copy or photograph of my assessment task, which I can produce
if the original is lost.
Assessor Student
I declare that I have conducted a fair, valid,
reliable and flexible assessment with this student,
and I have provided appropriate feedback. I also
declare that I have undertaken the indicated
assessment integrity checks.
I have received, discussed and
accepted my result as above for
this task and I am aware of my
appeal rights.
Plagiarism check Yes No NA
Check for Copying/Collusion Yes No
Check for Authenticity (own work) Yes No
Cheating or use of model answers Yes No
Signature: ........................................................ Signature: .......................................
Date: ................................................................ Date: ..............................................

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Assessment task 2: Worksheet
Required documents and equipment:
- Computer with internet connection to refer to various resources.
- Student assessment booklet and a pen (organized by the student).
- RGIT Learners’ resources for the unit SITXFIN005– Manage physical assets (organised
by the trainer).
- Learner’s notes.
Instructions for students:
This assessment will be conducted in the RGIT classroom or virtual classroom during Covid-
19 with access to the resources listed above.
You must satisfactorily perform all tasks to be deemed satisfactory for the assessment.
Planning the assessment
- Recommended date for assessment: [Trainer to provide]
- Access all resources mentioned in required resources either printed copies or access via
the internet.
- You must:
o Answer all the questions satisfactorily to be deemed competent.
o Complete the assessment and submit in due timeline.
o Submit with a completed assessment cover sheet.
- Your assessor will set a time to provide feedback
Evidence specifications:
At the end of the assessment, you will be required to submit the following evidence before
the due date specified by the assessor:
- You are required to submit short answers to all the questions asked in the worksheet.
- Completed and signed cover sheet for assessment.
Evidence submission:
- Documentation can be submitted electronically or paper-based.
- Your assessor will record the assessment outcome on the assessment cover sheet.

SECTION 1: DEVELOP PRACTICES FOR SYSTEMATIC MAINTENANCE, REPAIR
AND PURCHASE OF PHYSICAL ASSETS
Q1: Look around your workplace or training organization and identify the different types of
physical assets used to operate the business. List ten of the non-current physical assets
you have identified.
Non-current physical assets which are used for operating the business are stated below:
 Computer systems
 Furniture
 Vehicles
 Storage areas
 Buildings
 Furniture
 Electrical appliances
 Machinery
 Storage areas
 Commercial kitchens
 Satisfactory □ Not Satisfactory
Q2: How can developing and maintaining an asset register help an organisation and its
management team? Give at least two reasons.
The two main reason for maintaining an asset register is that it will help the organization and the managerial
team in keeping track of its assets at any point of time. Another reason is that it is a straight method for getting
the clear picture about the financial health of the organization.
 Satisfactory □ Not Satisfactory

Q3: What details are recorded in an asset register? List at least eight details you would need
to know about the asset.
There are various details which can be recorded in the asset register. Some of the most important details
are stated below.
 Date of the purchase of the assets, price of it and some important description of the asset.
 Name of the suppliers with their contact details.
 Funding source used for acquiring that asset like lease, loan etc.
 Determining the useful life of the asset and the time at which it is required to be replaced.
 Location or the department of the asset.
 Depreciating method used and the rate applicable.
 Complete details about the operational policies and the procedures.
 Details about the insurance policy pertaining to that asset.
 Information in regard to the repairs, upgrades or the additional improvement which is being made
to the asset.
 In case, the asset has been disposed off then the relevant information is needed to be recorded.
 Satisfactory □ Not Satisfactory
Q4: How do you decide which method of depreciation to apply to each physical asset?
There are mainly three methods for calculating depreciation which helps in deriving an estimate about
the current value of the asset. The straight line method is utilized when the value of the asset reduces evenly
throughout the life of the assets. It refers to the assets which it is expected to use till the time it is scrapped.
Another method is accelerated depreciation which is used when the asset loses value quickly at initial and then
it loses lower value. Another method is units of production where the life of the asset is determined by
calculating how much it can produce instead of how long it can last. It is useful in industrial applications.
 Satisfactory □ Not Satisfactory
Q5: Give two examples of how business objectives influence the management of physical assets.
Example 1- If the objective of the company is to increase the production of the products to a certain level then
it will have an effect over the physical as well as the running of the asset increases which will lead to more

wear and tear of the asset.
Example 2- In case, the objective of the company is to be achieved in the next 5-year while the useful life of
the asset left is just 4 year. Therefore, the company might engage into further improvement of the working
capacity of the asset for increasing its life span.
 Satisfactory □ Not Satisfactory

Q6: Briefly describe the difference between the fix on fail, comprehensive and preventative
maintenance programs.
In fix to fail strategy, the asset are intended to be operated till the time it is break down at
which point the reactive maintenance is carried out. In the preventive maintenance, attempts are
being made in respect to the repairs and replacement in order to prevent failure before the chances
of occurrence of the any failure. In the comprehensive plan, asset is maintained throughout the
useful life of the asset which includes the comprehensive services and the maintenance support.
 Satisfactory □ Not Satisfactory
Q7: List the steps followed to establish and implement a maintenance and repair program.
Steps to establish and implement a maintenance and the repair program
 Developing the preventive maintenance plan
 Creating an inventory of all the relevant equipment
 Developing the preventive maintenance procedures
 Developing the preventive maintenance schedules
 Setting the PM schedules
 Providing the training to the maintenance to the teams
 Analyze, adjust and improve
 Satisfactory □ Not Satisfactory
Q8: Consider three of the physical assets you listed in response to question 1. List the asset
and what type(s) of maintenance and/or repairs each asset needs on a regular basis
(weekly, monthly, annually).
Computer systems: requires preventive maintenance on a monthly basis
Machinery: Requires preventive maintenance on an annual basis.
Furniture: Comprehensive maintenance is carried out on a monthly basis.

 Satisfactory □ Not Satisfactory

Q9: When planning to acquire an asset you need to evaluate its environmental impact.
What are two factors you should consider?
Two important factors to be considered in acquiring an asset in evaluating the environmental impact of it.
 The amount of wastage it is creating having a negative influence over the environment.
 The way the asset acquired will bring benefits to the environment.
 Satisfactory □ Not Satisfactory
Q10: Before working out if you can afford to acquire assets, you need to determine what the
business needs. How can you do this?
By looking at the business objectives, the company will be able to determine and analyze the
business requirements based on which the decisions are being taken whether to acquire the asset or
not and how it will be advantageous for the business.
 Satisfactory □ Not Satisfactory
Q11: How can you evaluate a business’s current and potential financial ability to acquire physical
assets?
By carrying out the ratio analysis of the financial statements of the company will help in gaining
insight about the financial position and stability of the company. This will support the company in taking
decisions in regard to acquiring the asset.
 Satisfactory □ Not Satisfactory

SECTION 2: MONITOR THE CONDITION AND PERFORMANCE OF
PHYSICAL ASSETS
Q12: What do you evaluate when assessing the impact, effectiveness and long-term
performance of a physical asset?
The factors to be considered while evaluating the impact, effectiveness and the long term
performance of the physical assets are – the cost-effectiveness and the advantages that it brings to the
business in respect to the long term goals along with the usefulness of it in respect to the changing
market conditions and technology.
 Satisfactory □ Not Satisfactory
Q13: What do you do once you have analysed the results from performance monitoring?
After analyzing the results derived from the performance monitoring, the management takes
decisions in respect to how the performance can be further enhanced so that timely actions can be taken
to reduce the same.
 Satisfactory □ Not Satisfactory
Q14: What are three techniques you can use to establish and implement regular reporting
practices on the asset performance?
The company can make use of the key performance indicators (KPIs), bench marking and the
variance analysis in regard to establish and implement the regular reporting practices on account of
the asset performance. This will support the organization in determining the performance of its
assets so that timely actions can be taken id needed.
 Satisfactory □ Not Satisfactory

Q15: How can you identify problems with physical assets? Name three methods.
The management can track the problems associated with the physical assets with the help of the asset
tracking softwares, unique identification number with each asset and the staying up to date maintenance
service.
 Satisfactory □ Not Satisfactory
Q16: What forums can you use to discuss the condition and deficiencies of assets with staff?
The company can conduct a meeting or the conference on the same along with that it can discuss on the
supply chain process which will be helpful in explaining the conditions to the staff and the deficiency that
assets of the organization are facing.
 Satisfactory □ Not Satisfactory
Q17: What are three types of specialist assistance you may need to maintain, repair or deal with
performance issues for physical assets?
The 3 types of specialist needed for dealing with the problems of the physical assets are:
 Technical specialists
 Accounting specialists
 Mechanical specialist
 Satisfactory □ Not Satisfactory

SECTION 3: COORDINATE FINANCING AND PURCHASE OF PHYSICAL
ASSETS
Q18: Read the specification provided. What information about operational requirements and
design features is provided in the specification? List three examples.
EQUIPMENT
SPECIFICATION
Item
descripti
on
Freestanding refrigerator Context New acquisition
Location Beside service counter Constraints Nil
Budget $2,200 Conditions Min. 2-year warranty
Users Customer self-service Technic
al specs
Require
d
feature
s
Min. 1,000 L capacity
Adjustable control +1 to + 10
°C
Casters
Anti-mist function
Double-glazed door
Black or black and silver exterior
Adjustable shelves
Operational requirements: The above specification includes minimum 2 year
warranty with the budget of $2200 along with the location beside the service counter
which will be a new acquisition.
Design features: The required capacity is minimum 1000L, anti-mist function,
Adjustable shelves with the double gazed door.
 Satisfactory □ Not Satisfactory
Q19: What are three types of requirements or parameters that guide the type of information
required in an equipment specification? Briefly explain how they influence the
specification.

Operational requirement, design requirement and the price requirement are the three types of
requirement which helps in gathering useful information on the equipment specification. All these requirements
has an influence over the product specification which deviates if anyone specification is not met.
 Satisfactory □ Not Satisfactory
Q20: What are two guidelines you should follow when writing specifications for physical assets?
The two important guidelines for writing the specification are-
 Using simple and clear language and eliminating unnecessary jargon.
 Numbering the sections and the paragraphs.
 Satisfactory □ Not Satisfactory
Q21: Where can you obtain current, accurate and relevant data to help you estimate the cost of
acquiring an asset?
The acquisition cost concept can be used for determining the actual expenses which are
required to be incurred in relation to the asset it not only include the cost but the other cost as well.
This will result into determining the actual and accurate cost of the assets.
 Satisfactory □ Not Satisfactory
Q22: How should you communicate with suppliers when negotiating the acquisition of assets?
By first communicating the objectives of the company along with the strengths and reason for taking
interest into it. It also includes providing benefits that supplier will gain. Communicating in a confident way
will help in effective negotiation.

 Satisfactory □ Not Satisfactory
Q23: Somebody has to make a decision about how and when to replace or acquire physical
assets. What tips can you follow to help you take responsibility and make the right
decision?
Firstly, evaluating the future benefits associated with that asset. An analysis is required to be undertaken
which will include the cost and benefit it will generate. Based on the final outcome under both the
circumstances, the decision can be made when to acquire the new assets.
 Satisfactory □ Not Satisfactory
Q24: Why is it a good idea to discuss a potential new asset with the team prior to making a
decision?
It is crucial to have a team discussion before purchasing anew asset as it will add more insights
and the useful point which might have ignored or overlooked by the management before. This will help in
ensuring that all the important aspects have been considered.
 Satisfactory □ Not Satisfactory

SITXFIN005
Student Assessment
Booklet
Page: 36 of
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Responsibility: Course
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Last Reviewed: August
2020
Answer questions 25 to 27 based on the information provided below.
The company car needs to be replaced. The current car is on an operational lease which
expires at the end of next month. You are trying to decide if it is more financially viable to
purchase the new vehicle instead of leasing it.
Q25: What is one benefit and one drawback to purchasing this physical asset? Benefit: This will result into gaining car ownership and no end of lease charges required to
be paid. Drawback: Post warranty high repairing cost in case of mechanical problems.
Q26: What is an operational lease agreement?
The operational lease agreement refers to leasing equipment for the purpose of the business
which may include leasing new technology. Under this, the cost is broken into small payments which
are required to be paid in a specific time interval as decided in the sgreement.
 Satisfactory □ Not Satisfactory
Q27: After researching different vehicles, quotes were obtained to purchase a Toyota Tarago.
Bill Bobbins Toyota –
$48,990 Redwood Motors
– $47,890
Annual servicing was estimated at $2,000, registration, insurance and other expenses
another
$1,800. It would be depreciated using the diminishing value method with an effective
life of five years. Depreciation is tax deductable.
The business’s current lease company has quoted $355 per week for a five-year lease
for the vehicle. This includes all vehicle servicing, comprehensive insurance and
roadside assistance. Monthly lease payments are fully tax deductable. Based on the information provided, which option would you recommend? Briefly
explain why.
Cost of the vehicle will include annual servicing cost of $2000 and other expenses amounted to $1800. in

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total $3800.
Bill Bobbins Toyota will cost = $48990+3800 = 52790
Redwood Motors will cost = $47890 + 3800= 51690
Depreciation Bill Bobbins Toyota = 52790 * 365/365 *200%/5 = 21116
Depreciation Redwood Motors = 51690*365/365*200%/5 = 20676
In case of leasing, it will cost in total 355*4*12*5 = 85200
Based on the above, it is best to purchase the asset instead of taking it on the lease as in leasing it is
costing more as compared to the case of purchasing it.
 Satisfactory □ Not Satisfactory
Q28: Who are two financial specialists you could consult with when financing assets? Briefly
describe how they can help you.
Financial advisors and the finance head of the company are the two specialist who can be
consulted in regard to taking decisions on the financial assets. They can apply practical knowledge
and experience into the areas which will assist in understanding the pros and cons of it in a better
manner.
 Satisfactory □ Not Satisfactory
Q29: Why should financial agreements relating to asset acquisition be recorded and stored safely?
The financial agreements should be stored and recorded properly as it can be used as proof in
case of any conflict arises in the future. This can be further used in reviewing it again for getting
relevant information.
 Satisfactory □ Not Satisfactory

SITXFIN005
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Assessment Cover Sheet: Assessment Task 3 (AT3)
Student Detail
Student Name
Student Id:
Group No (If Applicable):
Assessment Details
Unit of Competency SITXFIN005 - MANAGE PHYSICAL ASSETS
Assessment Task Project
Issue Date
Due Date
Overall Project Satisfactory
□
Not Satisfactory □
Assessor name
Comments/Feedback
Student Plagiarism Declaration: By submitting this assessment to the college, I
declare that this assessment task is original and has not been copied or taken from
another source except where this work has been correctly acknowledged. I have made a
photocopy or electronic copy or photograph of my assessment task, which I can produce
if the original is lost.
Assessor Student
I declare that I have conducted a fair, valid,
reliable and flexible assessment with this student,
and I have provided appropriate feedback. I also
declare that I have undertaken the indicated
assessment integrity checks.
I have received, discussed and
accepted my result as above for
this task and I am aware of my
appeal rights.
Plagiarism check Yes No NA
Check for Copying/Collusion Yes No
Check for Authenticity (own work) Yes No
Cheating or use of model answers Yes No
Signature: ........................................................ Signature: .......................................
Date: ................................................................ Date: ..............................................

SITXFIN005
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AT3 Project
Instructions for students:
Your Assessor requires you to develop, implement and monitor a maintenance program and
coordinate the acquisition of physical assets.
You are required to do the following:
- Complete Tasks 1, 2 and 3
- Answer all questions
Planning the assessment
- Recommended date for assessment: [Trainer to provide]
- Access all resources mentioned in required resources either printed copies or access
via the internet
- You must:
o Complete the assessment and submit in due timelines
o Submit with a completed assessment cover sheet
- Your assessor will set a time to provide feedback
Evidence specifications:
At the end of the assessment, you will be required to submit the following evidence before the due date
specified by the assessor:
- You are required to submit following evidence at the end of tasks
- Completed and signed cover sheet for assessment
Evidence submission:
- Documentation can be submitted electronically or paper-based.
- Your assessor will record the assessment outcome on the assessment cover sheet.

SITXFIN005
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Task 1: Establish a maintenance and repair program
Q1: Name your selected area.
Kitchen in Hilton hotel
Q2: Give examples of three current and three non-current assets in your
selected area. 1. Stock, Cash and account receivable are some
current asset.
 Current assets are kitchen equipment, accommodation equipment and
goodwill.
2.
3.
Task 1.2: Develop a physical asset register

 DOCUMENTATION TASK 1

Physical asset register
Asset reference no.:
Asset name: accommodation equipment
Description:
Location:
Model:
Supplier: Invoice no.:
Purchase date: Physical Assets Serial no.:
Asset type: Purchase
price:
Depreciation: Warranty
details:
History:
Date Cost Description
01/04/16 150000 In the year 2016 kitchen equipment in organization was
modified in a way that it used to help the company in
improving the number of seating of customer and also gives
better ambiance to company. Straight forward depreciation
method was applied in this type of stock.
Physical asset register
Asset reference no.:
Asset name: Kitchen equipment
Description:
Location:
Model:
Supplier: Invoice no.:
Purchase date: 1 April 2016 Serial no.:
Asset type: physical Assest Purchase
price:
Depreciation: Warranty
details:
History:

Date Cost Description
1 April 2016 100000 In the year 2016 kitchen equipment in organization was
modified in a way that it used to help the company in
improving the quality and efficiency of operation carried
out. Straight forward depreciation method was applied in
this type of stock.
Task 1.2: Develop a physical asset register
Physical asset register
Asset reference no.:
Asset name: Stock
Description:
Location:
Model:
Supplier: Invoice no.:
Purchase date: physical Assest Serial no.:
Asset type: Purchase
price:
Depreciation: Warranty
details:
History:
Date Cost Description
14/09/20 10000 Stock includes both fished and non finished type of stock.
This are generally offered freshed to the consumer hence
value or presence of stock depend upon its demand.
Task 1.3: Identify maintenance and repair requirements
 Physi
cal
asset
evalu


ation
recor
d
 Completed by:  
Asset name Location Current
condition
Performance /
efficiency
Previous
maintenance
and repairs
Immediate
issues to be
addressed
Kitchen
Equipment
Kitchen Not that good Kitchen equipment
are not in good
condition and impact
performance of
business.
Depreciation
expected on product
was way less than
real expenditure
incurred.
4 year ago, as
previous equipment
was very outdated
Need to update
kitchen equipment
to improve
efficiency.
Accommodation
Equipment
Kitchen Good Good as there are
many customers
who loves to come
to restaurant due to
same.
4 year ago, as
previous equipment
was very outdated
No required
stock Kitchen Good Good, as company is
able make good
name of themselves
in the market.
No required

Task 1.4: Establish a maintenance and repair program
Asset
maintenance
plan
Asset Location Maintenance
required
When Company Contact details
Kitchen
Equipment
Kitchen Preventive Maintenan
ce is required to make
sure whether it has
fallen or not.
Everyday at
the time
machinery
are running
Hilton
Accommodatio
n Equipment
Kitchen Timely maintenance is
required to make sure
that equipment are in
correct shape.
Once in a
month this
type of
maintenance
is done
Hilton
stock Kitchen sales team manege the
same in the market.
Hilton

Task 1.5: Develop an asset maintenance calendar

Date Jan Feb Mar Apr May Jun

1 Daily
Kitchen
equipment
test
Daily Kitchen
equipment test
Daily Kitchen
equipment test
Daily
Kitchen
equipment
test
Daily Kitchen
equipment test
Daily Kitchen
equipment test
2 Daily
Kitchen
equipment
test
Daily Kitchen
equipment test
Daily Kitchen
equipment test
Daily
Kitchen
equipment
test
Daily Kitchen
equipment test
Daily Kitchen
equipment test
3 Daily
Kitchen
equipment
test
Monthly
accommo
dation
equipment
maintenan
ce
Daily Kitchen
equipment test
Monthly
accommodation
equipment
maintenance
Daily Kitchen
equipment test
Monthly
accommodation
equipment
maintenance
Daily
Kitchen
equipment
test
Monthly
accommodati
on equipment
maintenance
Daily Kitchen
equipment test
Monthly
accommodation
equipment
maintenance
Daily Kitchen
equipment test
Monthly
accommodation
equipment
maintenance
4 Daily
Kitchen
equipment
test
Daily Kitchen
equipment test
Daily Kitchen
equipment test
Daily
Kitchen
equipment
test
Daily Kitchen
equipment test
Daily Kitchen
equipment test
5 Daily
Kitchen
equipment
test
Daily Kitchen
equipment test
Daily Kitchen
equipment test
Daily
Kitchen
equipment
test
Daily Kitchen
equipment test
Daily Kitchen
equipment test
6 Daily
Kitchen
equipment
test
Daily Kitchen
equipment test
Daily Kitchen
equipment test
Daily
Kitchen
equipment
test
Daily Kitchen
equipment test
Daily Kitchen
equipment test
7 Daily
Kitchen
equipment
test
Daily Kitchen
equipment test
Daily Kitchen
equipment test
Daily
Kitchen
equipment
test
Daily Kitchen
equipment test
Daily Kitchen
equipment test
8 Daily
Kitchen
equipment
test
Daily Kitchen
equipment test
Daily Kitchen
equipment test
Daily
Kitchen
equipment
test
Daily Kitchen
equipment test
Daily Kitchen
equipment test
9 Daily
Kitchen
equipment
test
Daily Kitchen
equipment test
Daily Kitchen
equipment test
Daily
Kitchen
equipment
test
Daily Kitchen
equipment test
Daily Kitchen
equipment test
10 Daily
Kitchen
equipment
test
Daily Kitchen
equipment test
Daily Kitchen
equipment test
Daily
Kitchen
equipment
test
Daily Kitchen
equipment test
Daily Kitchen
equipment test
11 Daily
Kitchen
equipment
test
Daily Kitchen
equipment test
Daily Kitchen
equipment test
Daily
Kitchen
equipment
test
Daily Kitchen
equipment test
Daily Kitchen
equipment test

12 Daily
Kitchen
equipment
test
Daily Kitchen
equipment test
Daily Kitchen
equipment test
Daily
Kitchen
equipment
test
Daily Kitchen
equipment test
Daily Kitchen
equipment test
13 Daily
Kitchen
equipment
test
Daily Kitchen
equipment test
Daily Kitchen
equipment test
Daily
Kitchen
equipment
test
Daily Kitchen
equipment test
Daily Kitchen
equipment test
14 Daily
Kitchen
equipment
test
Daily Kitchen
equipment test
Daily Kitchen
equipment test
Daily
Kitchen
equipment
test
Daily Kitchen
equipment test
Daily Kitchen
equipment test
15 Daily
Kitchen
equipment
test
Daily Kitchen
equipment test
Daily Kitchen
equipment test
Daily
Kitchen
equipment
test
Daily Kitchen
equipment test
Daily Kitchen
equipment test
16 Daily
Kitchen
equipment
test
Daily Kitchen
equipment test
Daily Kitchen
equipment test
Daily
Kitchen
equipment
test
Daily Kitchen
equipment test
Daily Kitchen
equipment test
17 Daily
Kitchen
equipment
test
Daily Kitchen
equipment test
Daily Kitchen
equipment test
Daily
Kitchen
equipment
test
Daily Kitchen
equipment test
Daily Kitchen
equipment test
18 Daily
Kitchen
equipment
test
Daily Kitchen
equipment test
Daily Kitchen
equipment test
Daily
Kitchen
equipment
test
Daily Kitchen
equipment test
Daily Kitchen
equipment test

Task 1.6: Establish reporting practices

 Asset
maintena
nce
reporting
schedule
 
Report name Purpose of report When
completed
Compiled /
completed
by
Distribution
list
Kitchen equipment
maintenance
To make sure that different
equipment are updated in the
organization
Every day Kitchen manager
and chef
Accomdation equipmentTo make sure that different
equipment are updated in the
organization
Monthly Floor manager
Stock To make sure that different
equipment are updated in the
organization
Weekly Sales team.

Task 1.7: Question and answer

 Answer all the questions based on your selected area, items of equipment and
responses to Tasks 1.2 to 1.6.
Q1: What are three business objectives when managing physical assets? Briefly
explain how an asset maintenance program supports each one.
1. It helps the company in improving productive of company.
2. It help the company in getting competitive advantage. As it help the company in
managing the competitive edge in the market
3. To make sure that physical asset of company help the company in serving the customer
in better and efficient way.

Q2: What are three types of information that could be included in an asset register other
than those already listed in the Task 1.2: Physical asset register template provided in
Appendix 2?
1. Expected scrap value at the end of year
2. Depreciation charge in year
3. Individual who is responsible to carry out different operation of assets
Q3: What is depreciation?
Depreciation refers to actual decrease of fair value of an asset, such as the decrease in value of factory equipment
each year is known as depreiciation
Q4: You have purchased a new photocopier for $3,400 on the 30th
of June. It has an expected
life span of five years. Calculate the depreciation amount and book value for each year
using the prime cost and diminishing value methods.
Year
Prime cost method Diminishing value method
Depreciation
$
Book value $ Depreciation
$
Book value $
0 255 3145 255 3145
1 340 2805 315 2830
2 340 2465 283 2547
3 340 2125 255 2292
4 340 1785 229 2063
5 340 1445 206 1857

Q5: What is one example of maintenance these types of equipment need? Motorised vehicles Large and small electrical equipment Glass and dishwashers Refrigeration, cooling and heating equipment
Q6: What are three examples of environmentally sustainable practices you can implement
when acquiring and maintaining a physical asset? Acquisition
1. Shop local
2. Avoid purchasing plastic equipment
3. Incentivize carpooling, public transportation, and bike riding to work Maintenance
1. Recycle
2. Switch your search engine
3. Be Intentional About Sustainability
Q7: How do you determine your current or potential financial ability to acquire physical assets?
What questions do you ask, who do you communicate with?
This can be determined by evaluating the financial document of the company, As
they will provide clear understanding of position of mine. Question which will be
asked will be in regard of company is in good position to acquire resources or will it
will be beneficial for company or not.
Q8: What type(s) of internal and external audits do you need to conduct in your workplace?
List at least three types of audits, what assets they are conducted on, when and why
they are conducted.
Type of Assets affected When
conducte Why conducted

audit d
Internal Physical assets Any time This is conducted in order to monitor the
working of the asset of the company. this
is essential as this will outline the current
position of the asset with the company.
External All asset At the end of financial
year
This is conducted in order to determine
the financial position of the company and
whether all the assets are working with
reference to the current marketing trends.
Q9: What factors affect when you schedule internal and external audits?
many factors affect at time of scheduling of the internal and external audit like availability of
auditor, presence of person responsible for asset maintenance and many others factors

Task 2: Implement and monitor the maintenance and repair program
Task 2.1: Implement maintenance and repair program
 Implement the maintenance and repair program established for the three physical assets
selected in Task 1.4.
 During the implementation process, you must undertake the following.
 Identify physical asset problems promptly and take appropriate action
 Update and maintain the asset register for each of the physical assets
 Prepare a brief report to your assessor discussing the following.
 Any physical asset problems or issues you identified during the implementation process
 How you resolved identified problems or issues to ensure the asset performed
efficiently to meet overall business objectives
 Any changes you would make to your asset maintenance plan based on the problems
or issues addressed during the implementation process
The maintenance and repair program is very essential for the proper and effective
maintenance of the physical assets. The major reason is that this maintenance will
outline all the different types of issues being identified in the implementation of
maintenance of assets. The major issue at time of maintenance of kitchen equipment,
accommodation equipment was that the equipment’s were not updated with the passage
of the time. This was the issue as the company was using the obsolete technology and
this affected the working to a great extent.
Task 2.2: Monitor asset performance
 Go to Appendix 3.
 Complete Task 2.2 using the asset maintenance performance report template contained in
Appendix 3
 Monitor the performance and usefulness of the three assets (selected in Task 2.1) over a
specified period of time. The monitoring period may vary based on the physical asset
being monitored, for example, monitoring of large fixed equipment compared to assets
with relatively short life spans.
 Discuss and confirm the appropriate length of monitoring period for each selected asset
with your assessor before commencing this task.
 Methods of monitoring maintenance and performance could include compilation and
analysis of the following.
 Automated data
 Financial information
 Maintenance and repairs requests and costs
 Management, efficiency or environmental reports
 Formal and informal advice or other input from specialists
 Verbal or written feedback and informal discussions with team members

Task 2.3: Question and answer
 Answer all the questions based on your selected area, items of equipment and responses
to Tasks 2.1 and 2.2.
Q1: Which reports did you find most useful when monitoring the performance of your
selected assets? Briefly explain why.
The report found useful at time of monitoring the asset was the account
report which was having all the entries of the earlier checkup and
maintenance of the asset. This was very helpful at time of the management of
the kitchen equipment as it assisted in managing the past dates when the
asset was examined and maintained.
Another report which was helpful was the report listing the reviews of the
different people who have checked the different machines and assets over the
time. This is useful at time of monitoring of the views of other people who
have also worked on the same equipment or machine.
Q2: Describe the procedure used to record formal and informal customer and staff feedback
about the performance, usefulness or operation of physical assets in your organisation.
the process used to record the formal and informal consumer and staff
feedback is the written standard format of feedback. In simple terms this
include the consumer or the staff to provide for the feedback in written form
and provide it to the company. this will be stored as a proof for the company
and they can also refer to these reviews in future as well.

Q3: How does formal and informal feedback help you monitor performance and determine
future asset needs?
the formal and informal feedback help the company in monitoring the
performance as this will provide the viewpoint of the different people relating
to the asset. This will help the company in determining the future asset need
as the views and feedback of the people will assist the company in deciding
that whether they have to change the asset or not. If yes, then which type of
asset they have to implement within the business.

Task 3: Coordinate asset acquisition
Task 3.1: Identify current and future asset needs
 Go to Appendix 4 Complete Task 3 using the meeting minutes template contained in Appendix 4
 Discuss current and future asset needs with maintenance, finance or work area managers
in your workplace or training organisation, or your assessor. Your discussion could be
based on performance monitoring data gathered for Task 2.2.
 Discuss potential acquisitions required to meet business needs. They could be new
acquisitions or replacements of an existing asset. Record your discussions as formal or informal meeting minutes.
Task 3.2: Develop asset specification Complete Task 3.1 using the asset specification template contained in Appendix 4
 Choose one physical asset the business wishes to acquire to replace an existing asset from
those listed in your minutes from Task 3.1.
 Develop a product specification for the asset.
 You can use the template provided or your organisation’s template.
 Consider the following requirements and include any relevant parameters when
developing the specification to help guide the 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 such as efficiency, customer traffic and staff
usage
 Types of products and services offered by the business
Task 3.3: Research physical assets
 Using current and potential financial and organisational information, evaluate the business’s
ability to acquire additional assets or replace existing ones.
 Financial and organisational information could include the following.
 Current maintenance contracts
 Previous contracts and costs
 Using the asset specification developed in Task 3.2 and your evaluation of the business’s
financial
status, research acquisition of the asset for your workplace or training environment.
 Research could include the following.
 Estimates and quotations from suppliers
 Published or advertised prices
 Research the following financing options for the acquisition of the asset.
 Hire purchase
 Lease
 Purchase
 Rent

 Consider environmental sustainability factors and short- and long-term maintenance costs
when evaluating options and making acquisition decisions.
 Prepare a written proposal outlining two options that meet specification and organisational
requirements. The proposal should include the following information.
 Details of each asset under consideration
 A breakdown of costs, including any known additional costs such as extended
warranties, interest, delivery, installation, additional parts or safety equipment required
 An estimate of overall costs for the asset
 How the asset could be acquired: purchase or a finance agreement
If a finance agreement, provide an overview of the type of agreement and important
terms and conditions; if purchasing, which method of depreciation is appropriate for the
asset and explain why
 The impact of acquisition of the asset on the business financially, operationally and
achievement of goals and objectives
 Details of any consultation processes with internal or external financial specialists,
including advice and recommendations
 A summary including recommendations regarding asset selection and method of acquisition
The business is able to acquire the new technology of games and other related
equipment for the entertainment of the children as well. As with the previous
and current reports it was identified that hotel is having good use of
technology and other services like bar, swimming pool, garden but it was
assessed that the need of children is not met. Hence the hotel came up with
the idea of installing the different gaming equipment and other related
machines for the entertainment of the children segment as well. As per the
asset specification for this hotel need to implement major gaming technology
keeping in mind the need and requirement of children. For this hotel can
invite different estimation and quotation from the various suppliers. The
major financing option for the acquisition of the different types of games is
lease. As under this method the company can have access to the use of games
but they do not become the owners of the games.
Proposal
The two asset under consideration is accommodation equipment and the
kitchen equipment.
The cost of replacement of both the assets will be approximately $500- 600
and $800-1000 respectively.
Overall estimation of cost for both the asset including all the expenses is
around $2000-2500.
The asset can be acquired by either purchasing (straight line method for
depreciation) or by leasing.
The impact of acquiring the asset on the business will be positive in all aspect
as this will assist the company in improving its position and attain the goal
and aim in more effective way.
Task 3.4: Question and answer
 Answer all the questions

Q1: How did you ensure the information researched about costs of acquisition for the two
potential assets is current, accurate and relevant?
1. as all the need are being met by the acquisition of the asset so it can be stated that all the
information relating to cost is accurate and relevant.
2. further as the implementation of the technology is done in the intended manner and was
successful so it is assumed that information researched is currect and accurate.
Q2: How did you negotiate purchase and financial arrangements with the supplier? What
details did you discuss, why and what was the outcome of your discussions?
the purchase and financial arrangement was negotiated with the help of the ownership. The major reason
behind this fact is that with the help of the purchase the company can own the asset but with the financial
arrangement it is not necessary that the company becomes the owner.
Q3: What information about the acquisition process and the asset itself should you record
and file for later reference?
the acquisition amount and the data of purchasing the technology will be the information which will be
referenced for the later use.

Assessor checklist
To be completed by the assessor.
Did the learner successfully demonstrate evidence of their ability to
do the following?
Complete
d
Yes No
Task 1: Establish a maintenance and repair program
Developed a plan for the maintenance of at least three different types of
physical assets required by the organisations.
Developed and maintained an accurate and current physical assets register.
Developed practices for managing physical assets that reflect overall
business objectives.
Established, implemented and managed maintenance and repair regimes
that minimise disruption and loss of revenue.
Integrated practices to support environmental sustainability into use of
physical assets.
Evaluated current and future asset needs and current and potential
financial ability to acquire physical assets.
Established and implemented regular reporting practices to ensure effective
performance of physical assets, including financial, management and day-to-
day reports.
Demonstrated procedures to schedule internal or external inspections or audits.
Task 2: Implement and monitor the maintenance and repair program
Identified, analysed and demonstrated procedures to monitor the utility
assets to improve performance and meet business needs.
Demonstrated procedures to record formal and informal customer and
staff feedback.
Identified physical asset problems promptly and took appropriate action.
Assessed long-term physical asset performance.
Evaluated need for, and accessed, specialist assistance.
Task 3: Coordinate asset acquisition
Discussed the condition, utility and deficiencies of physical assets with
team members and took account of their feedback when making
acquisitions.
Researched new physical assets to enhance business performance.
Prepared accurate equipment specifications to guide acquisition process.
Interpreted complex product specifications and financial contracts.
Learner’s name:

Did the learner successfully demonstrate evidence of their ability to
do the following?
Complete
d
Yes No
Analysed financial data and interpreted estimates and financial agreements
for physical asset acquisition.
Estimated acquisition costs based on evaluation of current, accurate and
relevant data.
Negotiated purchase and financial arrangements with suppliers.
Made decisions on replacing and acquiring physical assets.
Selected methods of financing to meet current financial objectives.
Financed acquisitions in consultation with financial specialists.
Kept accurate records of all financial agreements.
Assessor comments

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AT3-PROJECT DEMO LOG
INSTRUCTIONS – ASSESSOR
To complete this assessment, students are required to do the following.
 Observe the learner while they manage physical assets.
 Observe the student while they, develop a plan for the acquisition, maintenance and replacement of at least three different types of
physical assets listed below: buildings computer systems equipment fixtures, fittings and furniture in one of the following:
- accommodation establishments
- commercial kitchens
- restaurants and bars
- storage areas
- tourism, hospitality and event offices
- transportation depots gardens pools rides and games vehicles vessels
 The learner 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

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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.
Ensure that the learner can consistently perform all tasks multiple times satisfactorily.
Decide when the learner is competent at all tasks.
Ask the learner questions relating to the tasks they are undertaking.
On completion, submit the assessment via the LMS.

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Appendix1- Assessment resource in RGIT simulated hospitality
environment
RGIT will conduct practical assessment for this unit in its class rooms (virtual classroom
during Covid-19) and operational training environment either at 28-32 Elizabeth Street
Melbourne VIC 3000 or at Level 3, 162 Macquarie Street Hobart, TAS 7000, with serving
internal staff and students as customers and during assessment student will have access to
following resources in the Simulated Environment:
Assessment must ensure access to: current commercial purchase specifications, supplier product and cost information,
and contractual documentation used for the purchase of assets.

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Appendix 2
DOCUMENTATION TASK
1
Task 1.2: Develop a physical asset register
Physical asset register
Asset reference no.:
Asset name:
Description:
Location:
Model:
Supplier: Invoice no.:
Purchase date: Serial no.:
Asset type: Purchase price:
Depreciation: Warranty details:
History:
Date Cost Description

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Task 1.3: Identify maintenance and repair requirements
Physical asset evaluation record
Completed by: Date:
Asset name Location Current
conditio
n
Performanc
e /
efficiency
Previous
maintenan
ce and
repairs
Immediat
e issues
to be
addresse
d

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Task 1.4: Establish a maintenance and repair program
Asset maintenance plan
Asset Locatio
n
Maintenan
ce
required
When Company Contact details

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Task 1.5: Develop an asset maintenance calendar
Asset maintenance calendar
Dat
e
Jan Feb Mar Apr May Jun
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

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Date Jul Aug Sep
t
Oct Nov Dec
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19

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Task 1.6: Establish reporting practices
Asset maintenance reporting schedule
Report name Purpose of report When
complete
d
Compiled
/
complete
d by
Distributi
on
list

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Appendix 3
DOCUMENTATION TASK
2
Task 2.2: Monitor asset performance
Asset maintenance performance report
Asset reference
no.:
Asset name: Kitchen equipment
Description: These are the equipment which are essential for the management and
maintenance of the kitchen.
Location: kitchen
Performance report
From the working and analysis of the equipment it was seen that after the proper management of
kitchen equipment is very necessary. The duration of the monitoring of the kitchen equipment is
mainly for 1-2 weeks. This is necessary as if the quality of the kitchen equipment will not be good
then the working of the hotel will not be effective. The method of monitoring used is verbal and
written feedback from the operator of equipment. This is selected as the user of the machine can
only suggest how better the equipment can be used.

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Asset maintenance performance report
Asset reference no.:
Asset name: Finished stock
Description: This is the final stock which is made available to the consumer for the final
consumption.
Location: Kitchen
Performance report
This need to be monitored as if the finished product will not be effective then this will have a great impact
over the working of the hotel. Thus, the proper monitoring is very essential and the duration of monitoring is
on the daily basis and will be monitored against the technique of informal and formal advice and advice
from the specialist.

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Asset maintenance performance report
Asset reference no.:
Asset name: Accommodation equipment
Description: These are the equipment which assist the hotel in managing the equipment in
proper and effective manner.
Location: Kitchen
Performance report
The monitoring and performance and of the accommodation equipment is very essential as this will assist
the company in managing the accommodation services of the company. the length of the monitoring plan of
the company for the accommodation equipment is around 2-3 weeks. The major monitoring method for the
accommodation equipment is the automated data and the maintenance and repairs request which will
provide all the knowledge relating to the position of the asset within the company.

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Appendix 4
DOCUMENTATION TASK
3
Task 3.1: Identify current and future asset needs
Meeting minutes
Date:
Work area
discussed:
Current and future asset need
Location of meeting:
Attendees:
Meeting details
General topics discussed
(For example, current performance of existing assets, maintenance and other costs,
forecasted future business needs, financial ability to acquire assets, etc.)
With the management and analysis of the performance and monitoring report of the assets
it was seen that some of the asset need to be managed and is necessary to be improved to
enhance the working of the company.
Current and/or future physical asset needs identified
The current need for the physical asset to be improved is that this will assist the company in
increasing the working environment and the ambiance of the hotel. Thus, for this it is
essential for the hotel to make the use of the latest technology and machines.
Type of asset Reason for acquisition
New assets
Games
Replacement of existing assets
Accommodation equipment
Kitchen equipment
The major reason for the acquisition or starting up of
the games section within the hotel is that this will assist
the company or the hotel in gaining a competitive
advantage. This is majorly because of the fact that this
will make the consumer relax who are having children.
There is a major need for the replacement of the
accommodation equipment is essential as if the
accommodation equipment will be outdated then this
will have a direct impact over the profitability of the
hotel.
Physical assets to be researched
(Based on identified assets, create a short list of physical assets to be researched for
potential acquisition)
The list of physical asset need to be researched is the latest accommodation
equipment, different types of games which will entertain the children coming
to the place and many others.

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Task 3.2: Develop asset specification
Asset specification
Item
descripti
on
Games Context This will be placed with the intention of
entertaining the children coming to the hotel.
Location Within the hotel Constraints The major constraint can be that it is little
risky as it might be possible that children
will use these games in easy going manner.
Budget $1000- 11000 Conditions The condition of the games and related
equipment need to be up to date and must
include all the security measures.
Users Children coming within the hotel Technic
al specs
Require
d
feature
s
The features or the major criteria to be used or to be complied at time of the implementation of the
games within the hotel are as follows-
The major feature is that the games must not hamper the environment like it must not include too high
noise and affect the other working of the hotel.
In addition to this the games must also include the safety and security measures to a great extent. The
major reason is that it the duty and responsibility of the hotel to take care of the people using games
as the hotel is liable for it and its running.
Another criterion is that there must be at least one person present at each of the game so that they can
guide the children how they have to operate the games. Further this is essential as in case of any
emergency the reported person will have to deal.
This will require a separate floor for the implementation of the different games and related
equipment’s.

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Final Assessment
Record
Student’s name: Student’s ID:
Assessor’s name: Date of
completio
n:
Unit of competency: SITXFIN005 Manage physical assets.
Assessments Student
results
Satisfactory Not Satisfactory Not Completed
Assessment 1: Knowledge Test
Assessment 2: Worksheet
Assessment 3: Project
Unit outcome: Competent Not Yet Competent
Is re-assessment required? Yes No
Comments/ Feedback:
Did you apply Reasonable Adjustment Yes No
(If Yes – explain how reasonable Adjustment was applied)
Did you intervene or need to provide additional support to the student during assessment? Yes No
(If Yes- Please provide details of what the trigger was and what actions were taken)
Assessor Signoff
By signing this final assessment record:
 I confirm that the student has attempted all requirements of this unit of competency
 I am satisfied the work submitted is their own work.
 I have informed the participant of the assessment decision.
Assessor’s signature: Date:
Student Signoff
By signing this final assessment record:
 I have received, discussed and accept the outcome from my assessment as above for this
unit of competency and I am aware of my right to appeal.
Student’s signature: Date: