Unit of competency Outline

Date retreived
23/07/2026 6:36 AM AWST

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Manage physical assets

Manage physical assets

Unit of competency
National Code
SITXFIN005
State Code
AWQ56
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
03/03/2016
View on TGA
State Implementation and Classification
Approved Date
12/07/2016
Field of Education
080301 - Business Management
Original Release Date
12/07/2016
Nominal Hours
60
Description
This unit describes the performance outcomes, skills and knowledge required to manage the physical assets of an organisation. It requires the ability to establish systems and practices for asset monitoring, maintenance and acquisition.It applies to senior managers who operate with significant autonomy and who are responsible for making a range of strategic management decisions.The unit applies to all tourism, hospitality and event sectors.No occupational licensing, certification or specific legislative requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Develop practices for systematic maintenance, repair and purchase of physical assets.
  • 1.1.Develop and maintain an accurate and current physical assets register.
  • 1.2.Develop practices for managing physical assets that reflect overall business objectives.
  • 1.3.Establish and implement maintenance and repair regimes that minimise disruption and loss of revenue.
  • 1.4.Integrate practices to support environmental sustainability into use of physical assets.
  • 1.5.Evaluate current and potential financial ability to acquire physical assets.
2. Monitor the condition and performance of physical assets.
  • 2.1.Establish and implement regular reporting practices to ensure effective performance of physical assets.
  • 2.2.Identify physical asset problems promptly and take appropriate action.
  • 2.3.Assess long-term physical asset performance.
  • 2.4.Evaluate need for, and access, specialist assistance.
3. Coordinate financing and purchase of physical assets.
  • 3.1.Prepare accurate equipment specifications to guide acquisition process.
  • 3.2.Estimate acquisition costs based on evaluation of current, accurate and relevant data.
  • 3.3.Make decisions on replacing and acquiring physical assets.
  • 3.4.Select methods of financing to meet current financial objectives.
  • 3.5.Finance acquisitions in consultation with financial specialists.
  • 3.6.Keep accurate records of all financial agreements.
No information
No information
Replaces
State Code National Code Title Type
WF777 SITXFIN601 Manage physical assets Unit of competency
Replaced By
State Code National Code Title Type
OEB48 SITXFIN011 Manage physical assets Unit of competency