Recent Question/Assignment

CONTENTS
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 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.
Element 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.
Performance Evidence
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.
Knowledge Evidence
business objectives relevant to the management of physical assets:
• 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
maintenance requirements for different types of physical assets
considerations for long-term assessment of physical assets:
• ability to meet business objectives
• cost of maintenance over a period of time
• customer and staff feedback
• input from specialists where required
• operational efficiency
• safety
equipment specifications to guide acquisition process:
• budget parameters
• environmental sustainability policies for the business
• floor plans
• numbers and types of required equipment fixtures, fittings and furniture • operational performance requirements: o efficiency o customer traffic o staff usage
• types of products and services offered by the business
formats for and inclusions of asset registers specified in performance evidence
features and benefits of different financing options for asset acquisition:
• hire purchase
• lease
• purchase
• rent
depreciation that can be applied to different types of physical assets
data used in the estimation of asset acquisition:
• current maintenance contracts
• 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 simulated industry environment.
Assessment must ensure access to:
? current commercial purchase specifications, supplier product and cost information, and contractual documentation used for the purchase of assets.
AQF SPECIFICATIONS FOR ASSESSMENTS
AQF Specifications for Assessments in Advanced Diploma Qualifications:
This assessment is set in accordance with the criteria for AQF Level 4. As stated in the AQF specification for the Advanced Diploma qualifications must be designed and accredited to enable graduates to demonstrate the learning outcomes expressed as knowledge, skills and the application of knowledge and skills specified in the level 5 criteria and the Advanced Diploma descriptor.
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.
ACSF SPECIFICATIONS AND FOUNDATION SKILLS
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
The student will have access to the following:
• AIE Student Workbook
• PowerPoint presentation
• Learner Assessment Pack (LAP)
• Access to a computer, the Internet and word-processing system such as MS Word and MS Excel
UNIT ASSESSMENT PLAN
To demonstrate competence in this unit, you must be assessed as satisfactory in each of the following assessment part.
Evidence recorded
Evidence Type/ Method of assessment Evidence Submitted
Unit Assessment Part 1 Unit Knowledge Assessment (UKA) Yes / No
Unit Assessment Part 2 Unit Skills Assessment (USA) Yes / No
UNIT ASSESSMENT PART 1
UNIT KNOWLEDGE ASSESSMENT (UKA)
STUDENT TO COMPLETE AND SUBMIT
STUDENT INSTRUCTIONS:
You are required to demonstrate the knowledge you have gained from undertaking SITXFIN005 Manage physical assets unit of competency.
• All questions must be answered correctly to be completed satisfactorily.
• All knowledge assessments are untimed and are conducted as open book (this means student can refer to textbooks or any resources).
• 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.
Answer all of the following questions.
1. How can the following business objectives influence the methods used for managing physical assets in an organisation? Provide 1 example for each:
Profitability
Growth
Providing quality products and services to customers
Adhering to: o codes of conduct
o environmental sustainability philosophies and practices
Industry accreditation schemes
2. Provide 8 examples for different types of physical assets required by tourism, hospitality and event organisations:
3. List 5 physical assets relevant to your workplace or training and provide the maintenance details typically required for each:
Physical asset Maintenance requirements
1.
2.
3.
4.
5.
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
1.
2.
3.
4.
5.
6.
Involvement
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
Environmental sustainability policies for the business
Site plans
Auxiliary items
Performance requirements
Suitability to products and services offered
6. Which details need to be recorded in an asset register for each physical asset?
Responses
7. Provide an overview of the features, advantages and disadvantages of each of the following financing options when acquiring assets:
1. Hire purchase
2. Lease
3. Purchase
4. Rent
8. Explain the methods for calculating the depreciation of assets using each of the following methods:
a) Prime cost method
b) Diminishing Value Method
9. Go to the ATO website link provided below and source the information for the current simplified depreciation rules which apply:
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.
2.
3.
4.
Aspects to consider
11. List 3 examples for environmental sustainability that applies to physical assets and outline the environmental and financial benefits as applicable:
Example Environmental and financial benefits
UNIT ASSESSMENT PART 2
UNIT SKILLS ASSESSMENT (USA)
STUDENT TO COMPLETE AND SUBMIT
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”.
• 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.
1. CASE STUDY BASED PROJECT REPORT WITH ROLE PLAY TASK
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
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
Part 1. – Acquisition Plan
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:
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
?Task 1
1. Provide an overview of the business activities of the hotel 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.6, 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 1: Your assessor will be looking for:
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.
• Provided an overview of the business activities
• Listed the purpose of the acquisition or replacement of the physical assets
• Overview of specifications for each asset clearly outlined
• Prices or quotes from different suppliers taken
• Contacted a financial institution
• Calculated the finance variants offered to you
• Explained the official process that needs to be followed to finalise the acquisition of each asset.
Part 2. – Asset Register
?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)
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 2: Your assessor will be looking for:
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.
• Developed an asset register which lists the 3 assets determined in Part 1.
• Developed a maintenance register and identified the maintenance requirements for each asset
Part 3 – Resource management strategy
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.
2. The maintenance regime needs to include the following details and outline how each aspect is affected and as a result addressed:
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.
b) Provisions for collecting feedback from customers and reports from staff.
c) Types of maintenance required including common routine maintenance based on the organisation’s activities for example adjusting doors, fixing furniture, cleaning airconditioning filters in guest rooms, etc.
d) Location of maintenance, e.g. can it be done off-site or away from heavily-trafficked areas?
e) Expected duration of maintenance works
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.
g) Likely disruption to operations – what are the disruptions and what are the expected impacts?
h) WHS issues
i) 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 specifc assets)
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
k) Costs of scheduled maintenance in terms of parts, required equipment to perform the maintenance and consumables
l) Provisions for monitoring of financial performance of the assets over the budget period.
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.
PART 3: Your assessor will be looking for:
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
APPENDICES

APPENDIX: 01
CASE STUDY – NARA BUSINESS HOTEL
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.
Forecast Revenue Figures for 2019 and 2020
Number of Rooms Revenue Per Room Occupancy Rate
2019 150 $90,000 67%
2020 150 $90,000 91%
Note: the occupancy rate is lower in 2019 due to the time required to furnish the 50 new rooms early in the year.
Organisation Finance Policy and Procedures
Reporting Policy
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.
Corporate Real Estate Policy
The Nara Business Hotel policy requires that its real estate assets are rented and not bought. The current hotel building is rented at the rate of $3,000,000 per annum and which equates to $30,000 per room per annum. The Hotel policy requires that any future real estate that is to be attained is negotiated to the same rate of $30,000 per room per annum.
Hotel Maintenance Policy
The Nara Business Hotel policy requires that every year 10 existing rooms are completely refurnished. The cost of completely refurnishing a room is $20,000 as per the Hotel’s contractor agreements. This policy ensures that the hotel’s rooms are up-to-date and the décor is of latest style. Additional rooms may be refurnished based on management’s requirements, however a minimum of 10 old rooms must be refurnished annually.
Australian Hotel Management Group Agreement
As per the agreement between the Nara Business Hotel and the Australian Hotel Management Group, the AHMG is responsible for the Hotel’s management for a 40 year period at the rate of $1,000 per room per annum.
Investor Returns Policy
The Nara Business Hotel policy requires it’s financial managers to provide a fixed return of $2,000,000 to its investors per annum. Any additional income/cashflow will be reinvested into the business in the next year.
APPENDIX: 01
ANNUAL YEAR-END FINANCIAL PERFORMANCE REVIEW FORM
NBH Annual Year-End Financial Performance Review Form
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
INTERNAL MEMO TEMPLATE
Nara Business Hotel – Internal Memo
Name:
Date:
Department:
Memo Subject:
Notes:

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