Unit of competency Outline

Date retreived
22/07/2026 1:15 PM AWST

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Manage physical assets

Manage physical assets

Unit of competency
National Code
SITXFIN011
State Code
OEB48
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
10/06/2022
View on TGA
State Implementation and Classification
Approved Date
18/10/2022
Field of Education
080301 - Business Management
Original Release Date
18/10/2022
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, travel, hospitality and event sectors.The skills in this unit must be applied in accordance with Commonwealth and State/Territory legislation, Australian/New Zealand standards and industry codes of practice.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
AWQ56 SITXFIN005 Manage physical assets Unit of competency