Unit of competency Outline

Date retreived
22/07/2026 5:00 PM AWST

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Manage physical assets

Manage physical assets

Unit of competency
National Code
SITXFIN601
State Code
WF777
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
18/01/2013
View on TGA
State Implementation and Classification
Approved Date
15/10/2014
Field of Education
080301 - Business Management
Original Release Date
15/10/2014
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.
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 the 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 the acquisition process.
  • 3.2 Estimate acquisition costs based on evaluation of current, accurate and relevant data.
  • 3.3 Make decisions on the replacement and acquisition of 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.
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Physical assets may include:
buildings
computer systems
equipment fixtures, fittings and furniture contained within:
accommodation establishments
commercial kitchens
restaurants and bars
storage areas
tourism, hospitality and event offices
transportation depots
gardens
pools
rides and games
vehicles
vessels.
Business objectives may include:
profitability
growth
provision of quality products and services to customers
adherence to:
codes of conduct
environmental sustainability philosophies and practices
industry accreditation schemes.
Practices to support environmental sustainability may include:
effective use of consumables
minimising waste
regular maintenance to ensure efficiency of machinery
systems to reduce resource use:
fuel
power
water.
Regular reporting practices may include a requirement for:
formal and informal customer and staff feedback
procedures to integrate daytoday condition reports
scheduled:
internal or external inspections and audits
management reports.
Assess may involve evaluation of:
ability to meet business objectives
cost of maintenance over a period of time
customer and staff feedback
input from specialists
operational efficiency
safety.
Specialist assistance may involve:
architects
builders
designers
electronic specialists
information technology suppliers
landscape architects
manufacturers
mechanics
tradespeople
vendors.
Specifications may include:
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.
Current,accurate and relevant dataused for estimating costs may include:
current maintenance contracts
estimates and quotations from suppliers
previous contracts and costs
published or advertised prices.
Methods of financing may include:
hire purchase
lease
purchase
rent.
The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
plan for and manage the acquisition, maintenance and replacement of a diverse range of physical assets
monitor the utility of assets to meet business needs over a period of time
develop and maintain a current assets register
demonstrate knowledge of the features and benefits of different financing options for asset acquisition.
Context of and specific resources for assessment
Assessment must ensure use of:
a real or simulated tourism, hospitality or event industry business operation for which physical assets are monitored and maintained
current commercial purchase specifications, supplier product and cost information and contractual documentation used for the purchase of assets
suppliers with whom the individual can interact and negotiate.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:
projects, activities and case studies that allow assessment of the individual’s ability to:
manage physical assets for specific tourism, hospitality and event business environments
develop and maintain a physical assets register
evaluate the performance of physical assets and take actions to address deficiencies
written or oral questioning to assess knowledge of financing options
review of portfolios of evidence and thirdparty workplace reports of onthejob performance by the individual.
Guidance information for assessment
The assessor should design integrated assessment activities to holistically assess this unit with other units relevant to the industry sector, workplace and job role, for example:
BSBWRT401A Write complex documents
SITXFIN401 Interpret financial information
SITXFIN501 Prepare and monitor budgets
SITXMGT501 Establish and conduct business relationships.
Replaces
State Code National Code Title Type
S6526 SITXFIN007A Manage physical assets Unit of competency
Replaced By
State Code National Code Title Type
AWQ56 SITXFIN005 Manage physical assets Unit of competency