Unit of competency Outline

Date retreived
23/07/2026 5:12 PM AWST

Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.

Manage physical assets

Manage physical assets

Unit of competency
National Code
SITXFIN007A
State Code
S6526
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
29/10/2010
View on TGA
State Implementation and Classification
Approved Date
23/03/2011
Field of Education
080301 - Business Management
Original Release Date
23/03/2011
Nominal Hours
40
Description
This unit describes the performance outcomes, skills and knowledge required to manage the physical assets of an organisation. It includes a focus on establishing strategies, systems and procedures for asset maintenance and monitoring, as well as financing asset acquisition.
Notes
Elements and Performance Criteria
1 Develop strategies for systematic maintenance, repair and purchase of physical assets.
  • 1.1 Develop strategies for managing physical assets that reflect overall business and marketing objectives of the organisation.
  • 1.2 Evaluate current and potential financial objectives and constraints in developing asset management strategies.
  • 1.3 Integrate all OHS requirements into physical asset management.
  • 1.4 Develop and maintain an accurate and current physical assets register as part of the asset management strategy.
  • 1.5 Incorporate maintenance and repair regimes that minimise disruption and loss of revenue and involve appropriate specialists.
  • 1.6 Integrate practices to support environmental sustainability into physical asset management practices.
2 Monitor the condition and performance of physical assets in the workplace.
  • 2.1 Establish and implement systems to ensure that the condition and performance of physical assets are regularly reported and discussed within the organisation.
  • 2.2 Establish and implement systems to identify timely replacement of physical assets.
  • 2.3 Make assessments of physical asset performance based on safety, operational efficiency, customer service quality and input from colleagues.
  • 2.4 Identify physical asset problems promptly and take appropriate action.
  • 2.5 Evaluate need for and access specialist assistance when required.
3 Coordinate financing of physical assets.
  • 3.1 Prepare accurate work or equipment specifications to guide the acquisition process.
  • 3.2 Estimate acquisition costs based on evaluation of current, accurate and relevant data, including supplier quotations and estimates.
  • 3.3 Make appropriate decisions on the acquisition of physical assets according to organisation policies and procedures.
  • 3.4 Select methods of financing to meet current organisation financial objectives based on an analysis of internal and external factors.
  • 3.5 Implement the financing process in consultation with key stakeholders and appropriate financial specialists.
  • 3.6 Make and keep accurate records of all financial agreements and related documents.
RANGE STATEMENT
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 in the performance criteria is detailed below.

Physical assets may include:
buildings
equipment
fixtures, fittings and furniture
vehicles
gardens
pools
rides and games.


OHS requirements may relate to:
restrictions on who can undertake repairs
regularity of maintenance required
levels of usage.


Practices to support environmental sustainability may include:
use of particular consumables
protocols for use of machinery
minimising waste
systems to reduce power use
regular maintenance.


Systems to monitor condition and performance of physical assets may include:
integration of reporting into day-to-day operating procedures
regular management reports
internal or external inspections and audits
regular staff feedback
analysis of maintenance costs over a period of time.


Specialist assistance may include:
tradespeople
mechanics
electronic specialists
vendor support.


Specifications may include:
information on general business context
numbers of users or customers
budget parameters
operational constraints.


Current, accurate and relevant data used for estimating costs may include:
quotations from suppliers
current maintenance contracts
published or advertised prices
previous contracts and costs.


Methods of financing may include:
hire purchase
renting
leasing
purchase.
EVIDENCE GUIDE
The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, the range statement and the Assessment Guidelines for this Training Package.

Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the following is essential:
ability to plan for and manage the acquisition, maintenance and replacement of physical assets for a small business, or section or department of a larger business
understanding of financial and legal issues that affect the management of physical assets
development of asset management strategies and financing arrangements for a specific business operation.


Context of and specific resources for assessment
Assessment must ensure:
use and application of current financial data and regulations.


Methods of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:
case studies to develop asset acquisition and maintenance strategies for nominated business situations
evaluation of industry projects conducted by the candidate to acquire assets or develop ongoing maintenance strategies
oral or written questions to assess knowledge of financing options and relevant legislation
review of portfolios of evidence and third-party workplace reports of on-the-job performance by the candidate.
Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended.


Assessing employability skills
Employability skills are integral to effective performance in the workplace and are broadly consistent across industry sectors. How these skills are applied varies between occupations and qualifications due to the different work functions and contexts.
Employability skills embedded in this unit should be assessed holistically with other relevant units that make up the skill set or qualification and in the context of the job role.
Replaces
State Code National Code Title Type
E2018 THHGLE16B Manage physical assets Unit of competency
Replaced By
State Code National Code Title Type
WF777 SITXFIN601 Manage physical assets Unit of competency