Reference no: EM132466201
SITXFIN005 - Manage Physical Assets Assignment - Sheldon School of Hospitality, Australia
The purpose of this assessment is to assess your 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.
Instructions for assessment including WHS requirements - The project for assessment consists of 3 parts, Part A, B and C:
For Part A you are required to develop a resource acquisition plan for the acquisition of 3 different resources from the following main categories:
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 and transportation depots
Gardens
Pools
Rides and games
Vehicles
Vessels
For Part B you are required to develop an asset register which needs to list the details for the 3 new physical assets you have determined in Part A. You must include the maintenance requirements and schedule of maintenance for each asset.
For Part C you are required to develop a resource management strategy which provides details on how the efficiency of each asset is monitored.
PART A - Acquisition Plan
Task: You are required to choose 3 different physical assets, relevant for an organisation in the Tourism, hospitality or event industries, which may include any of the following:
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 and transportation depots
Gardens
Pools
Rides and games
Vehicles
Vessels
1. Provide an overview of the business activities of the organisation relevant to the physical assets selected.
2. List the purpose of the acquisition or replacement of the physical assets, providing detailed information what informs the decision to acquire these new assets.
3. Write an overview of specifications for each asset which clearly outline what requirements each asset needs to fulfil in terms of capacity, performance, size, location requirements and maximum budget for each or for the overall budget parameter.
4. Obtain 3 prices or quotes from different suppliers or sources for each asset. Attach the correspondence and final quote received for each asset to this project.
5. Contact a financial institution and at least 2 different suppliers and obtain information on 3 different financing options available and costs (attach copies of your correspondence).
6. Calculate the finance variants offered to you and determine the best options for each asset. Your options need to include potential factors for depreciation, consideration for technology changes and financial impacts on the organisation and financial aspects for which you will seek specialist advice. (Your depreciation calculations must consider the current regulations published on the ATO website).
7. Based on your calculations in Q.7, explain the official process that now needs to be followed to finalise the acquisition of each asset. This may include processes in your existing workplace or common industry standards and needs to provide:
Details for detailed specifications,
Legal contracts,
Requirements and documentation applicable to different acquisition and financing methods,
Preparation of documentation for disposal of assets that are being replaced including tax obligations.
Part B - Asset Register
Task:
1. Develop an asset register which lists the 3 assets determined in Part A. Your asset register needs to include the following details:
Asset Details
Asset description/model/type
Serial Numbers
Purchase date
Cost
Depreciation amount (from when you undertake this assessment to the end of the financial year). If you have no current value, then base this calculation on the approximate price you have determined using the ATO guidelines.
Closing Written Down Values (at the End of financial year where you undertake this assessment)
2. Develop a maintenance register and identify the maintenance requirements for each asset accordingly. For some assets that might be determined through lease clauses or service contract agreements. If so, include these including the details. For the remaining assets consult the user manuals or manufacturer's recommendations with consideration to frequency of use relevant to your organisation. For example if a post-mix machine or coffee machine is connected to water filter then this needs to be reflected in the maintenance requirements.
Part C - Resource management strategy
Task:
1. Develop a maintenance regime for each asset based on the maintenance requirements you have determined in Part B.
2. The maintenance regime needs to include the following details and outline how each aspect is affected and as a result addressed:
1) Reporting and monitoring mechanisms to ensure assets are functioning effectively and issues are reported by using correct and suitable procedures including provisions for specialist advice for complex issues.
2) Provisions for collecting feedback from customers and reports from staff.
3) Types of maintenance required including common routine maintenance based on the organisation's activities for example adjusting doors, fixing furniture, cleaning air-conditioning filters in guest rooms, etc.
4) Location of maintenance, e.g. can it be done off-site or away from heavily-trafficked areas?
5) Expected duration of maintenance works
6) Timing of scheduled maintenance, e.g. slow periods such as during the day for a nightclub, or during the night in high frequency areas.
7) Likely disruption to operations - what are the disruptions and what are the expected impacts?
8) WHS issues
9) Legal and regulatory requirements which apply for the physical assets during the course of the financial year (for example for vehicles carrying passengers, electrical equipment or as relevant to the specific assets)
10) Summary of cost impacts for human resources (for examples where maintenance would, e.g. require penalty rates for maintenance staff) or the costs where contractors are engaged for specific maintenance requirements
11) Costs of scheduled maintenance in terms of parts, required equipment to perform the maintenance and consumables
12) Provisions for monitoring of financial performance of the assets over the budget period.
13) Occurrences based on the details outlined in the questions above which would inform to review or audit the performance or viability of the assets.
Attachment:- Manage Physical Assets Assignment File.rar