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Learner Assessmenpt Ack: Sitxfin005 Manage Physical Assets
Learner Assessmenpt Ack: Sitxfin005 Manage Physical Assets
V2.0_August2019
UNIT OVERVIEW.................................................................................................................................................................3
Unit Description..........................................................................................................................................................3
AQF SPECIFICATIONS FOR ASSESSMENTS..................................................................................................................................................................5
Knowledge..................................................................................................................................................................5
Skills............................................................................................................................................................................5
Application.................................................................................................................................................................5
ACSF SPECIFICATIONS AND FOUNDATION SKILLS.....................................................................................................................................................6
SUBMITTING ASSESSMENTS........................................................................................................................................................................................6
TRAINING RESOURCES..................................................................................................................................................................................................6
UNIT ASSESSMENT PLAN....................................................................................................................................................6
UNIT ASSESSMENT PART 1.................................................................................................................................................7
UNIT KNOWLEDGE ASSESSMENT (UKA)............................................................................................................................7
STUDENT TO COMPLETE AND SUBMIT..............................................................................................................................7
STUDENT INSTRUCTIONS..............................................................................................................................................................................................8
UNIT ASSESSMENT PART 2...............................................................................................................................................13
UNIT SKILLS ASSESSMENT (USA)......................................................................................................................................13
STUDENT TO COMPLETE AND SUBMIT............................................................................................................................13
STUDENT INSTRUCTIONS...........................................................................................................................................................................................14
1. CASE STUDY BASED PROJECT REPORT WITH ROLE PLAY TASK.......................................................................................15
APPENDICES......................................................................................................................................................................20
APPENDIX: 01...............................................................................................................................................................21
Case study – Nara Business Hotel............................................................................................................................21
APPENDIX: 01...............................................................................................................................................................23
Annual Year-end financial performance review form..............................................................................................23
APPENDIX: 03...............................................................................................................................................................24
Internal Memo Template.........................................................................................................................................24
UNIT OVERVIEW
SITXFIN005 Manage physical assets
UNIT DESCRIPTION
This unit describes the performance outcomes, skills and knowledge required to manage the
physical assets of an organization. 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.
Knowledge Evidence
business objectives relevant to the management of physical assets:
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• profitability
• growth
• providing quality products and services to customers • adhering to: o codes of conduct
o environmental sustainability philosophies and practices •
industry accreditation schemes
types of physical assets required by tourism, hospitality and event organisations and the organisation in
particular:
• buildings
• computer systems
• equipment fixtures, fittings and furniture in one of the following: o
accommodation establishments o commercial kitchens o restaurants and bars o
storage areas
o tourism, hospitality and event offices o
transportation depots
• gardens
• pools
• rides and games
• vehicles
• vessels
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• estimates and quotations from suppliers
• previous contracts and costs
• published or advertised prices
practices to support environmental sustainability using different types of physical assets
Skills must be demonstrated in an operational tourism, travel, hospitality or event operation for which
physical assets are monitored and maintained. This can be:
an industry workplace a
▪ current commercial purchase specifications, supplier product and cost information, and
contractual documentation used for the purchase of assets.
Students at this level will have specialised knowledge and skills for skilled/paraprofessional work and/or further
learning.
KNOWLEDGE
Students at this level will have broad theoretical and technical knowledge of a specific area or a broad field of work
and learning.
SKILLS
Students at this level will have a broad range of cognitive, technical and communication skills to select and apply
methods and technologies to:
• analyse information to complete a range of activities
• interpret and transmit solutions to unpredictable and sometimes complex problems
• transmit information and skills to others
APPLICATION
Students at this level will apply knowledge and skills to demonstrate autonomy, judgement and defined
responsibility in contexts that are subject to change and within broad parameters to provide specialist advice and
functions.
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The term ‘Foundation Skills’ is currently used to include the core skills defined in the Australian Core Skills
Framework (ACSF) as well as the employability skills identified by employers as critical for effective performance in
the workplace.
Foundation skills encompass both the core skills of reading, writing, oral communication, numeracy and learning as
described by the Australian Core Skills Framework (ACSF), and the Employability Skills/Core Skills for Work. They
exist on a continuum from very basic skills to highly-developed and specialist skills. The foundation skills for this unit
are located in the Unit Outline Booklet and have been addressed in the assessment as part of the performance
criteria for this unit.
SUBMITTING ASSESSMENTS
Students should submit assessment tasks with the provided cover sheet.
Assessments should be submitted on or before their due date. Extensions for individual assessment tasks may be
negotiated in specific circumstances. Consultation on this must occur prior to the due date and extensions due to
illness will require a medical certificate. Extensions must be confirmed by the Academic Manager in writing.
TRAINING RESOURCES
To demonstrate competence in this unit, you must be assessed as satisfactory in each of the following assessment
part.
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UNIT ASSESSMENT PART 1
STUDENT INSTRUCTIONS:
You are required to demonstrate the knowledge you have gained from undertaking SITXFIN005 Manage physical
assets unit of competency.
• All knowledge assessments are untimed and are conducted as open book (this means student can refer to
textbooks or any resources).
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• Student may handwrite/use computers to answer the questions.
• This assessment task may be completed in a classroom, at home, learning management system (i.e.
Moodle), or independent learning environment.
• You must complete all questions unassisted by the assessor or other personnel but may refer to reference
material as needed.
Submission details
• The Assessment Task is due on the date specified by your trainer. Any variations to this arrangement must
be approved in writing by your trainer.
• Fill out and attach the Assessment Submission form to the documents you are submitting to be marked.
• Please answer each question on a separate page provided and clearly indicate the question number at the
top of the page.
• The Trainer/Assessor may further prompt and question in order to receive answers of appropriate quality
or if further clarification is required and to validate authenticity of your submitted work.
1. How can the following business objectives influence the methods used for managing physical
assets in an organization? Provide 1 example for each:
Profitability
If profitability is the main thing, you need to do a detailed ROI, and the total cost is an
important factor in your decision. In other situations, certain assets may be absolutely
necessary to provide services. In this situation, the total cost remains operational.
Growth
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If the company are aiming for business growth, asset purchase and management should
consider the future use of your assets. Every new asset must have the ability to handle the
current or future required workload or activity.
Providing quality products and services to customers
If the quality of products and services is a major concern, it should clearly reflect the
possibility of improvement of the product. Increase returns customs, reviews and increase
business value.
Adhering to: o codes
of conduct
o environmental sustainability philosophies and practices
If the Code of Conduct applies to your business, for example, the intended purchase of an
asset must comply with established standards. This may include ethical practices and
methods of decision making.
Industry accreditation schemes
Industry accreditation schemes are specific standards and therefore purchase and
maintenance must reflect initial expenditures, potential revenues and overall ROI, such as
star ratings in hotels, attractions or travel.
2. Provide 8 examples for different types of physical assets required by tourism, hospitality and
event organizations:
3. List 5 physical assets relevant to your workplace or training and provide the maintenance
details typically required for each:
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connection with maintenance.
Furniture is one of the main requirements for
workshops and training for the placement of
3. Furniture equipment and computers. Basically, things
like workstations, tables and chairs are
included in the list that needs repair.
The gardens, grounds and surroundings were
well trimmed in part due to the maintenance of
4. Gardening equipment all gardening equipment. Maintenance
personnel have been recognized for the merits
they have incorporated into environmentally
friendly business practices.
The store area is a tightly regulated area due
to the frequency of entering and exiting other
5. Storage area
departments. You should take a good look at
all the equipment used and check it regularly.
4. List 6 key aspects which must be considered for the long-term assessment of physical assets in
terms of nature of requirements and necessity of acquisition. Who could be typically involved
in this in terms of feedback and specialist advice?
Responses
Achieve business goals through the use of physical assets
2. Evaluation of safety conditions and consideration of safety standards
3. Efficiency of results through management of operational efficiency of physical assets
4. Logically identify the need for input requirements based on advice from experts
5. Calculate maintenance cost for a specific period to manage budget and avoid results
6. Continuous feedback from employees and customers
Involvement
Employees and customers get feedback and need it at work.
-Company managers that determine the assets needed to achieve business goals
-Technical team analyzing assets to address the need for improvement.
-Company operation team
-HR team evaluating requirements to specify required costs
-National health and safety standards
5. The following are parameters which are used to guide the acquisition of physical assets.
Provide examples and details for what should be considered, for each aspect.
Budget parameters
Has the budget already been allocated for this acquisition? Are the assets you want within your
budget? Need to adjust your budget to accommodate your assets? Impact on other areas of business
operations
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Environmental sustainability policies for the business
In order to select the right asset, we need to develop a specification detailing emission, resource
efficiency, sustainable resource use, etc. The asset acquisition must meet the business environment
policy.
Site plans
There may be physical constraints that must be met. And it is important to understand if your
assets will improve or fit in your workflow. For example, new kitchen equipment must fit into a
specific area so as not to interfere with employee movement and item workflow.
Auxiliary items
Companies may need to analyze various possibilities for specific assets. This may include fixtures,
fittings and furniture needed to complete or enhance a central asset.
Performance requirements
It is necessary to determine the required output level and other operational aspects of the
acquired assets. You need to develop aspects such as items produced per hour, efficiency, staff
usage, failure rate, maintenance requirements and other parameters.
Suitability to products and services offered
The company need to consider the products and services offered by the business to achieve
desired service level and customer results. For example, if you're going on a car-off-road tour, 4wd
is best.
6. Which details need to be recorded in an asset register for each physical asset?
Responses
Name or type of asset
-Purchase date
-Original cost
-Opening Written Down Value (WDV)
-Depreciation rate and calculation type
-Depreciation amount for the year
-Accumulated depreciation
-Closing WDV
7. Provide an overview of the features, advantages, and disadvantages of each of the following financing
options when acquiring assets:
1. Hire purchase
Appropriate financing methods when buyers do not have enough capital to pay the full price. Instead, after a
certain percentage has been paid as a deposit, it is split until the total price and interest are paid.
Advantages Disadvantages
-Lower capital expenditure meaning a better -Termination of lease may be costly and/or
cash-flow situation difficult
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-Option to purchase item at end of lease -Business does not have full control over assets
-Increased flexibility and opportunity for growth -Maintenance costs on an asset not fully owned by
the business
2. Lease
Essentially the same concept as renting but is conducted over a longer time period. Leasing arrangements
are formal and require a contract signed by both parties
Advantages Disadvantages
-Lower capital expenditure meaning a better -Termination of these may be costly and/or
cash flow situation difficult
-Avoids risk of fluctuations in market value -Rent can increase significantly at lease-renewal
-Increased flexibility and opportunity for growth -Business does not have full control over assets
3.Purchase
Many businesses believe that outright purchasing of an asset is the most cost-effective option. all financing
options should be considered for each individual asset, at the time it is being acquired
Advantages Disadvantages
-Ownership of asset - High risk in acquiring assets
-Increase of equity -Maintenance costs
-Potential for capital gains -Cashflow can be adversely affected
4.Rent
Short-term solution often used for short-term or one-time events. Employment involves paying a fixed amount of
money in exchange for the use of assets.
Advantages Disadvantages
-Low capital outlay -High cost per use
-No risk associated with acquiring the asset -No ownership
-No maintenance costs
8. Explain the methods for calculating the depreciation of assets using each of the following methods:
a) Prime cost method
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The prime cost method (also known as straight-line method) of depreciation assumes that the value of the
asset diminishes by a fixed amount every year, over the useful life of the asset. Using the prime cost method
to depreciate an asset, you will need to know three things:
-Cost price
-The annual depreciate amount can be determined using the following equation:
The second method for calculating the depreciation is the diminishing value method. Using this method, the
depreciation value changes each year rather than staying fixed.
-Depreciation amount = base value X (days held ÷ 365) X (200% ÷ asset's effective life)
This will tell you the amount to depreciate for the FIRST year
9. Go to the ATO website link provided below and source the information for the current
simplified depreciation rules which apply:
From 7.30pm (AEST) on 12 May 2015 until 28 January 2019:can immediately deduct the business portion
of most depreciating assets costing less than $20,000 each
-From 29 January 2019 until before 7.30pm (AEDT) 2 April 2019:can immediately deduct the business
portion of most depreciating assets costing less than $25,000 each
-From 7.30pm (AEDT) on 2 April 2019 until 30 June 2020:can immediately deduct the business portion of
most depreciating assets costing less than $30,000 each
https://www.ato.gov.au/Business/Income-and-deductions-for-business/Depreciatingassets/Simpler-
depreciation-for-small-business/
10. Provide 4 examples of sources for data to enable you to estimate reliable acquisition costs.
What does this need to consider in terms of contractual obligations and ongoing maintenance?
Responses
1. Bottom-Up Estimating
2. Parametric Estimate
3. Analogous Estimate
4. Vendor Bid Analysis
Aspects to consider
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Bottom-up estimation
-It is one of the most time consuming and accurate ways to identify activities that look for
product costs, including material and labor costs.
Parameter estimation
-The estimation process takes into account all the projects and average costs required for the
activity, but the forecasts are made on a per unit basis, such as the quantity per unit required
to complete the building.
Similar estimation
-The complexity and scale of the project is estimated based on the proposed reason. Learning
experiences are used in the field to judge problems and select effective projects.
11. List 3 examples for environmental sustainability that applies to physical assets and outline
the environmental and financial benefits as applicable:
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UNIT ASSESSMENT PART 2
UNIT SKILLS ASSESSMENT
STUDENT INSTRUCTIONS:
The project consists of 3 parts, Part 1, 2 and 3 based on simulated business - ‘Nara Business Hotel.
• If you are not sure about any aspect of the assessment or would like to discuss your particular needs, please
speak to your trainer.
• Your trainer will tell you the date you need to submit your assignment.
• You need to complete all parts and submit them together by the due date.
• This project assignment is to be completed using the “Nara Business Hotel” case study. It is included in the
“Appendix”.
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• The checklist table will identify the records that you are required to prepare and submit (as a single
submission).
• Your assignment must be typed (in 12 point type on A4 paper) and you need to complete an Assessment
Cover Page.
• Make sure you keep a copy of your assignment before you hand it in to your trainer
Note :
Any Role Play or Presentation needs to be completed in the class with your Trainer / Assessor on the date
specified by your trainer.
This project assignment is to be completed using the “Nara Business Hotel” case study. It is included in the
“Appendix”. The assessment has three parts and the details are provided below:
Part 1
Requires you 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:
• gardens
• pools
• rides and games
• vehicles
• vessels
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Part 2
Requires you 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.
Part 3
Requires you to develop a resource management strategy which provides details on how the efficiency of each asset
is monitored
You are working as a manager at the Nara Business Hotel. You have been informed of the hotels expansion plans
by the senior management. You are required to choose 3 different physical assets, relevant to Nara Business Hotel,
which may include any of the following:
• buildings
• computer systems
• equipment fixtures, fittings and furniture in one of the following:
• gardens
• pools
• rides and games
• vehicles
• vessels
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Task 1
1. Provide an overview of the business activities of the hotel relevant to the physical assets
selected.
3 Physical assets chosen are;
✓ Buildings
✓ Computer System
✓ Gardens
- Building include
✓ Building maintenance requires regular inspection and to properly maintain building services that include
✓ Lifts
✓ Air conditioning
- Computer System
✓ Hardware inventories.
- Gardens includ
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.
-Buildings
In the last financial year, more than 600 business travelers from all over the world have visited our Nara business
hotel. We need to provide an environment where they can use the hotel comfortably. Last year, there were complaints
from customers due to the facilities of the hotel that broke down, and there were financial losses. This year, the facility
needs to be maintained and maintained. This will please the customer and help them earn more money from the
evaluation they receive.
-Computer System
In the last financial year, more than 600 business travelers from all over the world visited our business hotels in
Korea. In order to provide the best service to our customers, we need to provide personalized service for them.
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For example, in order to provide the services that the customer wants, such as the customer's reservation date, check-in
and out, and use of additional services, it is necessary to check the computer system for any abnormalities.
Missing reservations from different customers can be the worst for a hotel.
Companies should reduce financial losses through regular system checks.
This allows you to satisfy your customers and earn more money from the evaluations they have received.
-Gardens
In the last financial year, more than 600 business travelers from all over the world have visited Nara business hotel.
In addition to the external facilities to make your hotel comfortable, it is important.
External facilities are highlighted by the image of the hotel.
The landscaping should be repaired so that the moment they enter the hotel, they feel like they are in a special
place.
This allows you to please your customers and earn more money from the evaluations they have received.
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.
Energy
Asset Locations Size Capacity Service quality Budget
Aspects
-At least 100
bedrooms with
Building should be
modern facilities Customer
spacious enough to -Human labor
-Spacious parking for satisfaction The greater part
Buildings Sydney CBD fulfil the -Electricity
customers through of total budget
requirements. -Water
-Dining area cleaning service
-Reception
-Bathrooms
Expensive
Building should be maintenance is
Customer
-Dining area spacious enough to -Human labor required because
Computer satisfaction
Lab Room -Reception fulfil the -Electricity of the need for
System through fast
requirements. the expensive
service
hardware
equipment.
These assets add
Customer
the beauty to
Building should be satisfaction
Outside of Gardens are located on -Human labor building and not
Gardens spacious enough to through
hotel ground floor and very expensive to
fulfil the environmental
outside maintain.
requirements services
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.
Building
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Computer System
S&S Software 1: $180.500 Fast Software 2: $200,000 No1. Software 3: $170,990
Gardens
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).
A) Email 2 email
b)
1. Interest free purchase and instalment options
Interest-free purchase and instalment options are what allows retailers to take their products home before buying
them. There are periods of deferred repayment that do not require repayment on a regular monthly basis during
the interest-free period or until the end of the interest-free period.
2. Lease
Financial Leasing is an alternative way of financing whereby a licensed leasing company purchases an asset on behalf
of its customer in return for a contractually agreed series of payments which usually include an element of interest.
3. Car Loan
Car loans are loans taken to purchase a car, such as a car, motorcycle, or other road vehicle.
Car loans are a common type of personal loan. Categories of personal loans cover a wide range of loans.
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 organization and financial aspects for which you will seek
specialist advice. (Your depreciation calculations must consider the current regulations
published on the ATO website).
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Gardens -> BTS Garden 2: $35,000
https://www.ato.gov.au/Calculators-and-tools/Depreciation-and-capital-allowances-tool/
https://www.ato.gov.au/Calculators-and-tools/Host/?anchor=DCA&anchor=DCA#DCA/questions/assets
(b)
• These methods help you calculate the deductible or capital allowances available on depreciable assets
and the claims that can be claimed for capital work purposes.
• This method can calculate the following items.
-Depreciation calculation
-Rental real estate
-Small Business Pool
-Your low-value pool
-Capital works
-Asset-based depreciation
• The company can get the following output
- Calculate equity of depreciable assets in partnership
-Depreciation of multiple assets
-Comparison of depreciation between cost and depreciation method
-Determination of throughput, including balancing
-If you have a myGov account, save the calculation so that the future year amount to be used for tax calculation is
automatically filled.
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-Save the record calculation or send it to your tax agent. https://www.ato.gov.au/Calculators-
and-tools/Depreciation-and-capital-allowances-tool/
7. Based on your calculations in Q.6, explain the official process that now needs to be followed to
finalize 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.
• Legal contracts
-Finalizing contracts
-Finance authorization
-Asset manuals
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Before you hand in the Part 2 assessment tasks, use the checklist below to make sure you have completed all the
activities and have included all relevant information.
Task 1
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)
Closing
Asset Seria Purchase Description
Asset Cost Written
Description l No. Date amount
down value
Customer
-Cleaner : 20
satisfaction White
Buildings
through 133 01.01.2019 Cleaning $76.476.88
-Machines :2
cleaning : $85,000
-Chemicals : 30
service
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hardware : 2
through fast
$170,990 -Soft ware:
service
POS : 20
Customer -Specialist : 2
BTS
satisfaction
Garden :
Gardens through 71 05.01.2019 $3.149.05
$35,000
environmenta
l services
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 organization.
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.
Name of the
Maintenance Criteria Other Considerations
asset
-Building maintenance requires regular inspection
and to properly maintain building services that
WHS considerations
include
Buildings -Electricity safety
-Lifts
-Safety sign
-Air conditioning
-Emergency evacuation
-Emergency Evacuations testing
-Cleaning
-Hardware inventories. WHS considerations
Computer
-Software inventory and installation. -Electricity safety
System -Anti-virus and anti-malware management. -Safety Sign
-Cleaning of garden on daily basis
WHS considerations
-Hoses and sprinklers maintenance and repair if
Gardens -Electricity safety
needed.
-Safety Sign
-Security of asset to avoid theft and damage.
Before you hand in the Part 2 assessment tasks, use the checklist below to make sure you have completed all the
activities and have included all relevant information.
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Continuing from Part 1 and 2 complete the following:
1. Develop a maintenance regime for each asset based on the maintenance requirements you have
determined in Part 2.
Asset 1 : Building
Maintenance regime
Maintenance regime
Asset 3 : Gardens
Maintenance regime
Cleaning Daily
Watering plants Weekly
Weed removal Monthly
Grass cutting Monthly
Clean-up Seasonal
New plants growing Yearly
2. The maintenance regime needs to include the following details and outline how each aspect is
affected and as a result addressed:
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a) 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.
-Follow
-Checking
-Report any problem
-Documentation
-Ask specialist’s advice
-Quickly resolve the problem
b) Provisions for collecting feedback from customers and reports from staff.
Collecting feedback from customer
-Online survey
-Offline survey
-Social media
-Face to face interview
d) Location of maintenance, e.g. can it be done off-site or away from heavily trafficked areas?
Maintain the necessary devices, equipment, machinery, and support utilities in industrial and business
facilities.
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If there is equipment to do maintenance in the workshop, otherwise we can fix it. Otherwise, all
machines must be taken to a workshop or factory. This brings waste of time and economic losses to the
company.
f) Timing of scheduled maintenance, e.g. slow periods such as during the day for a nightclub,
or during the night in high frequency areas.
It is important to consider all areas and equipment of a commercial kitchen to be cleaned, and to plan what
to clean, when to clean, and how to clean.
Use this template to plan a weekly cleaning schedule for your kitchen. Print it and place it on a wall or keep it
in your food safety plan document.
g) Likely disruption to operations – what is the disruptions and what are the expected impacts?
For example, there is a peak time in the hotel's kitchen. During off-peak hours, call the maintenance personnel to fix
the problem, but during peak hours, contact the repair personnel. And the problem can't be solved.
If a customer asks what kind of noise they are experiencing in the kitchen or why the service is delayed, they
should be politely informed.
h) WHS issues
-Any relevant accepted industry practice, if that practice is consistent with the WHS Act and the WHS
Regulations.
-The requirements for the management of risks (WHS Act s17).
-What (if any) temporary measures are required.
-What (if any) further information is required.
-A method and timeline for resolution of the issue.
-Whether any other persons may reasonably be required to assist the early resolution of the issue.
i) Legal and regulatory requirements which apply for the physical assets during the financial
year (for example for vehicles carrying passengers, electrical equipment or as relevant to the
specific assets)
In general, all buildings must comply with the relevant building codes during construction, and maintenance
of the building is the responsibility of the building owner. Therefore, if the owner cannot directly manage it, it
is essential to maintain the building regulations with the help of a professional company.
The landlord must have a good repair of the rented or leased building, regardless of whether the building is
used for residential or non-residential use.
Examples include:
- Lifts
Applicable requirements in relation to the minimum and mandatory compliance standards for lifts are documented in
work health and safety legislation
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-Air conditioning
In general, landlords have a duty to ensure that appliances and facilities
-Automated fire detection and suppression systems
In New South Wales, building certifiers will generally require a smoke detector compliance certificate
-Whole building' emergency evacuation testing
In most states and territories, under work health and safety legislation, a person conducting a business or
undertaking at a workplace must ensure an emergency plan
j) 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
Maintenance contracts are usually the most economical way to service or maintain highly technical,
scientific, or complex assets, equipment, due to the nature of assets, equipment, and the need to minimize
downtime.
For example, a building needs a pumping facility that draws water. However, pump motors are enormously
expensive (over $20,000).
So, if the company need to decide when a replacement is needed, you will have to make a careful
decision.
Physical asset lifecycle costs can be substantial and are often not transparent to budget managers. The hidden
operating costs associated with physical assets pose significant challenges for budget forecasting and cash flow
management.
When buying a new capital asset, it is important to identify the cost of the asset lifecycle, so it can be included
in future budget forecasts compared to alternative purchases.
For example, Special cleaning materials and any parts of machinery, it is applicable when purchasing the
following items.
l) Provisions for monitoring of financial performance of the assets over the budget period.
Since sales, profit margins, and cash flow are key elements of any business, owners should pay particular
attention to receiving regular reports on these areas of the business. Without accurate and timely knowledge of
current financial conditions, business failures can lead to consequences.
Provisions for monitoring the financial performance of assets during the budget period include: -
-Change in customer volume
-Change in sales
-Change in staff performance
m) Occurrences based on the details outlined in the questions above which would inform to
review or audit the performance or viability of the assets.
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The frequency and method of inspection and the data to be collected should always be related to the
services provided by a particular asset. The goal should always be to ensure that data is used to determine
the need and timing of preventive or therapeutic measures to maintain the desired level of service.
Examples include; increased customer dissatisfaction, decreased sales, increased operating costs, and
frequent accidents at the workplace.
http://ledger-paper.org/11-apartment-building-maintenance-checklist/
https://www.pcworld.com/article/188123/pc_maintanence.html
https://www.doityourself.com/stry/gardenjournal1
https://higherlogicdownload.s3.amazonaws.com/IPWEA/1605183f-a91c-4680-b953-
cde30dd2c09a/UploadedImages/Bookshop/PN%20Preamble_lp_v2.pdf
Before you hand in the Part 3 assessment tasks, use the checklist below to make sure you have completed all the tasks
and have included all relevant information.
• Developed a maintenance regime for each asset based on the maintenance requirements
• The maintenance regime that includes the details mentioned and outlined how each aspect is affected
and as a result addressed
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APPENDICES
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APPENDIX: 01
Background
The Nara Business Hotel has been operating within the Sydney CBD as a boutique hotel for the past 20
years. In this time the NBH has built a reputation as a high quality boutique hotel which offers residents a
unique and flawless stay in one of their 100 rooms. The hotel was initially founded by Greg Mathews who
later sold the hotel to a group of investors who have given the hotels management to the Australian Hotel
Management Group (AHMG). The AHMG is responsible for all matters related to the operation of the
hotel and are required to meet strict financial performance objectives. The AHMG must therefore budget
all hotel expenses and regularly produce reports which are presented to the Hotel’s investors.
Mission
The Nara Business Hotel’s mission is to consistently deliver an enjoyable and memorable accommodation
experience for travellers visiting the Sydney CBD in a business context.
Vision
The Nara Business Hotel’s vision is to become an industry leader in boutique business accommodation.
Growth Objectives
The Nara Business Hotel has been known for its boutique size. However, over the past 5 years the demand
for rooms in the NBH has been far greater than supply. As such, many residents are left upset when they
cannot get a booking. The investors wish to overcome this problem, and have asked the AHMG to budget
for the expansion of the hotel. Additionally, the investors wish to achieve a 50% growth in profits over the
next 2 years.
In order to achieve these growth objectives the AHMG has decided to expand the hotel by introducing 50
new rooms. They believe that due to the high demand for rooms the full cost of the expansion will be
recovered within a year, making the expansion a viable business opportunity.
Note: the occupancy rate is lower in 2019 due to the time required to furnish the 50 new rooms early in the
year.
Reporting Policy
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The Nara Business Hotel requires its financial managers to report deviations between the forecasted
budget and actual budget to the Hotel’s investors. The managers are only required to report upon
deviations of 5% or greater.
Financing Policy
The Nara Business Hotel requires its financial managers to responsibly manage the cashflows of the hotel.
If there is a need to raise cash for hotel operations or expansion the policy requires the financial
management team uses short term loans from ANZ Bank. The loans are typically 1 year long and at an
interest rate of 4% and the loan amounts are rounded to the nearest hundred thousand.
Staffing Policy
The Nara Business Hotel prioritises excellent customer service and as such the policy requires employing 1
staff member per 5 rooms. For example, if the hotel has 100 rooms, 20 staff members will need to be
actively working within the hotel at any given time.
APPENDIX: 01
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Name of Reviewer:
Date:
Year in Review:
What was the profit for the year in review? Please provide a short description and justification.
Was there any exceptional financial activity which has caused the year in review’s financial
performance to be different from previous years?
Were there any deviations greater than 5% in the year in review from the budget?
Has the year in review met it’s investor return requirements of $2,000,000? If not, please
explain.
Signature of Reviewer:
APPENDIX: 03
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Date:
Department:
Memo Subject:
Notes:
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