Manage Physical Assets: Business Activities, Acquisition, Maintenance Regime, and Issues

Manage physical assets
Task 2Assessment Task
2

Table of Contents
INTRODUCTION...........................................................................................................................3
PART A...........................................................................................................................................3
1. Overview of the business activities about the physical assets ...........................................3
2. Explaining the purpose of acquisition or replacement of physical assets .........................3
3. Determining the requirements of each physical asset in terms of various parameters.......3
4. Prices and quotes received from different suppliers for the specific assets.......................4
5. Contacting financial institutions and knowing various options for financing ...................5
6. Calculation of finance variants and determination of best option for each asset...............5
7 Processes required to finalise the acquisition of each asset ...............................................5
PART B............................................................................................................................................6
1. Preparation of hotel asset register.......................................................................................6
2. Preparation of asset register ...............................................................................................7
PART C............................................................................................................................................7
1. Framing maintenance regime for the physical assets.........................................................7
2. Maintenance regime of various assets................................................................................7
CONCLUSION..............................................................................................................................10
REFERENCES .............................................................................................................................11

INTRODUCTION
Physical assets are the necessary pieces of machinery, equipment or tool to conduct the
operations of the business. It is required to carry out the activities of the organisation. This report
contains three different sectors which are hospitality, tourism and event management companies.
It also encompasses the activities of companies, the purpose of using specific physical assets and
selecting assets based on various parameters(Ann Wheeler and Garrick, 2020). This also includes
the maintenance strategies, feedback from customers and staff and preparation of asset and
maintenance registers.
PART A
1. Overview of the business activities about the physical assets
In the context of the hospitality sector, the company chosen is Bentley restaurant &
company. It offers Upscale Modern Australian cuisine with industrial interior design.
Concerning the tourism sector, the organisation taken is Intro travel. It is serving for many years
by fulfiling people desire to travel, explore and connect with ethnic taste. The event management
company taken is Perfect story wedding. It turns the dreams of its clients into reality by making
their day as memorable and lavish.
2. Explaining the purpose of acquisition or replacement of physical assets
In the hospitality sector, an organisation is required to use equipment fixtures, fittings and
furniture. For the smooth running of Bentley restaurant & bar, NSW requires assets to set up the
ambience. Another sector is tourism; it is necessary to have vehicles(de Vet and Eriksen, 2020).
In this industry, it is crucial for Intro travel to move from one place to another. In the industry of
events, it mainly needs gardens to arrange marriages, birthday parties and various social
functions.
3. Determining the requirements of each physical asset in terms of various parameters.
Industry Asset Performance Size Location Maximum
budget
Hospitality Commercial
Kitchen
Able to contain all
the required
kitchen appliances
1051 square
feet
Bentley
restaurant &
bar, Sydney,
Lease
amount of
5600 AUD
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Australia for a
quarter.
Event
Industry
Garden Able to hold 400
guests at a time
3200 square
feet
Brisbane
QLD,
Australia
25600 AUD
Tourism Vehicles (Bus) Able to travel 70
Km in an hour
20 Seats Sydney,
Australia
10000 AUD
4. Prices and quotes received from different suppliers for the specific assets
Suppliers providing price quotations for Tourism based equipments :
Tourism (Bus) (I) Daniel (II) Ramus (III) Harry
Headlight 1500 1250 1550
Seat 1000 1500 2500
Bumper 1250 1580 1600
For tourism business, the price quotation offered by supplier Daniel will be considered
suitable. The reason is it is providing equipment such as seats and bumpers at lower prices in
comparison to other suppliers(Grafton and Wheeler, 2018). Ramus will be booked for supplying
headlight because it is providing it at the least possible prices among others.
Suppliers providing price quotations for Hospitality based equipment:
Hospitality
event(Commercial
Kitchen)
(I) Renaldo (II) David (III) Stephen
Oven 2500 3000 3500
Freezer 15000 20000 25000
Mixers 1300 1560 1800
For hospitality cause supplier Renaldo would be chosen since it is providing all
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