Assessment Tasks and Instructions

Student Name Sujata Sen Thakuri

Student Number RC00002288
Course and Code
Unit(s) of Competency and Code(s) SITXFIN005 Manage physical assets
Stream/Cluster
Trainer/Assessor

Assessment for this Unit of Competency/Cluster Details

Assessment 1 Short Answers
Assessment 2 Project
Assessment 3
Assessment conducted in this instance: Assessment 1 2 3

Reasonable Adjustment
1. Has reasonable adjustment been applied to this assessment?
No No further information required

Yes Complete 2.
2. Provide details for the requirements and provisions for adjustment of assessment:

Student to complete
My assessor has discussed the adjustments with me
I agree to the adjustments applied to this assessment
Signature Sujata Date 10/09/2023

2nd Assessor to complete

I agree the adjustments applied to this assessment are reasonable
Name

Signature Date

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Assessment Guidelines
What will be assessed
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:
o monitor the utility of above assets to meet business needs
o provide regular financial reports on the assets
o record formal and informal customer and staff feedback
o integrate day-to-day condition reports
o schedule internal or external inspections or audits
o schedule management reports
o develop and maintain a current register for the above assets.
Place/Location where assessment will be conducted/Timeframes

Resource Requirements
Refer to the Assessment conditions attached to the Mapping Document located in the teacher support tools
folder or the “Assessment Conditions” for this unit in the SIT 1.0 Training Package.

Computer, Internet Access, financial data, organisational procedures relevant to the organisation for which
physical assets are managed and to be acquired.

Instructions for assessment including WHS requirements

The project for assessment 2 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:
o accommodation establishments
o commercial kitchens
o restaurants and bars
o storage areas
o tourism, hospitality and event offices
o transportation depots
 gardens
 pools

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  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

Statement of Authenticity
I acknowledge that I understand the requirements to complete the assessment tasks
The assessment process including the provisions for re-submitting and academic appeals were explained
to me and I understand these processes
I understand the consequences of plagiarism and confirm that this is my own work and I have
acknowledged or referenced all sources of information I have used for the purpose of this assessment
Student Signature: Sujata Date: 10/09/2023

This assessment:
First Attempt 2nd Attempt 3nd Attempt Extension – Date: / /

Part A Satisfactory Not Yet Satisfactory

RESULT OF
Part B Satisfactory Not Yet Satisfactory
ASSESSMENT
Part C Satisfactory Not Yet Satisfactory
Feedback to Student:

Assessor(s)
Date: / /
Signature(s):
Student Signature Sujata Date: 10/09/2023

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Assessment 2

The project for assessment 2 consists of 3 parts, Part A, B and C

Part A

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:

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

Part B

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 C

Requires you to develop a resource management strategy which provides details on how the efficiency of each
asset is monitored

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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:

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

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).

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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.

1. Overview of Business Activities: The organization is a resort and event management company specializing
in hosting large-scale outdoor events and destination weddings. Their business activities involve offering
accommodations, event planning, and hospitality services in picturesque locations.

2. Purpose of Acquisition/Replacement:

 Equipment Fixtures, Fittings, and Furniture for Event Spaces:

 Purpose: To upgrade the event spaces with modern fixtures, fittings, and furniture to enhance
the guest experience and attract more high-end events.

 Decision Factors: Increased demand for luxury event hosting and the need to stay competitive in
the market.

 Vehicles:

 Purpose: Acquiring a fleet of luxury shuttle buses to provide comfortable transportation for
event guests between the airport and the resort.

 Decision Factors: Improve guest satisfaction, provide a seamless arrival experience, and align
with the luxury brand image.

 Pools:

 Purpose: Building a new infinity pool with a swim-up bar to enhance the resort's amenities and
attract more leisure travelers.

 Decision Factors: Expanding leisure offerings, creating a unique selling point, and capitalizing on
the natural surroundings.

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3. Overview of Asset Specifications:

 Equipment Fixtures, Fittings, and Furniture for Event Spaces:

 Capacity: Sufficient to accommodate 500 guests in a single event.

 Performance: High-quality, durable, and aesthetically pleasing.

 Size: Customizable based on event space dimensions.

 Location Requirements: Must fit seamlessly into various event spaces.

 Maximum Budget: $500,000 (for the entire upgrade project).

 Vehicles:

 Capacity: A fleet of 5 luxury shuttle buses.

 Performance: Comfortable seating, air conditioning, and entertainment systems.

 Size: Standard shuttle bus size.

 Location Requirements: Parking space at the resort.

 Maximum Budget: $1,000,000 (for the entire fleet).

 Pools:

 Capacity: Designed for 100 guests at a time.

 Performance: Infinity pool design, temperature control, and swim-up bar functionality.

 Size: 25 meters by 15 meters.

 Location Requirements: Adjacent to the resort's main building.

 Maximum Budget: $750,000.

4. Obtaining Quotes:

 Equipment Fixtures, Fittings, and Furniture for Event Spaces:

 Quote 1: $450,000 from Luxe Events Suppliers (See attached correspondence).

 Quote 2: $520,000 from Event Masters (See attached correspondence).

 Quote 3: $480,000 from Prestige Furnishings (See attached correspondence).

 Vehicles:

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  Quote 1: $900,000 from Luxury Shuttle Co. (See attached correspondence).

 Quote 2: $950,000 from First Class Transport (See attached correspondence).

 Quote 3: $870,000 from Elegant Travel Services (See attached correspondence).

 Pools:

 Quote 1: $780,000 from Pool Pros (See attached correspondence).

 Quote 2: $820,000 from Aqua Lux Pools (See attached correspondence).

 Quote 3: $750,000 from Crystal Waters Pools (See attached correspondence).

5. Obtaining Financing Options:

 Financial Institution: Resort Finance Bank.

 Suppliers: Luxe Events Suppliers, Luxury Shuttle Co., and Pool Pros.

6. Equipment Fixtures, Fittings, and Furniture for Event Spaces:

 Finance Variant 1: Purchase Outright

 Pros: No interest costs, full ownership.

 Cons: Immediate cash outflow, no financial leverage.

 Finance Variant 2: Equipment Lease

 Pros: Lower initial cost, potential tax benefits.

 Cons: Limited ownership, lease payments may exceed purchase price over time.

 Finance Variant 3: Equipment Loan

 Pros: Ownership from the start, tax benefits.

 Cons: Interest costs, impact on cash flow.

Considering the organization's need for full ownership and the ability to claim depreciation for tax benefits,
the Equipment Loan is the best option. Depreciation calculations should follow the current regulations
published on the ATO website.

Vehicles:

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 Finance Variant 1: Purchase Outright

 Pros: No interest costs, full ownership.

 Cons: Immediate cash outflow, no financial leverage.

 Finance Variant 2: Vehicle Lease

 Pros: Lower initial cost, potential tax benefits.

 Cons: Limited ownership, lease payments may exceed purchase price over time.

 Finance Variant 3: Vehicle Loan

 Pros: Ownership from the start, tax benefits.

 Cons: Interest costs, impact on cash flow.

The Vehicle Loan is the best option, as it aligns with the organization's need for ownership and potential tax
benefits.

Pools:

 Finance Variant 1: Purchase Outright

 Pros: No interest costs, full ownership.

 Cons: Immediate cash outflow, no financial leverage.

 Finance Variant 2: Pool Lease

 Pros: Lower initial cost, potential tax benefits.

 Cons: Limited ownership, lease payments may exceed purchase price over time.

 Finance Variant 3: Pool Loan

 Pros: Ownership from the start, tax benefits.

 Cons: Interest costs, impact on cash flow.

The Purchase Outright option is the best for pools, given the nature of a one-time capital expenditure and
the desire for full ownership.

7. Finalizing Acquisition Process:

Equipment Fixtures, Fittings, and Furniture for Event Spaces:

 Detailed Specifications: Finalize detailed specifications with the chosen supplier (LuxeEvents Suppliers).

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 Legal Contracts: Sign a legal agreement with LuxeEvents Suppliers detailing the terms, payment
schedule, and specifications.

 Financing Documents: Secure a loan agreement with Resort Finance Bank, considering interest rates and
repayment terms.

 Tax Obligations: Consult with a tax specialist to ensure correct depreciation claims and compliance with
tax regulations.

Vehicles:

 Detailed Specifications: Finalize detailed specifications with the chosen supplier (LuxuryShuttle Co.).

 Legal Contracts: Sign a legal agreement with LuxuryShuttle Co. specifying the purchase terms and
conditions.

 Financing Documents: Secure a loan agreement with Resort Finance Bank, taking into account interest
rates and repayment terms.

 Tax Obligations: Consult with a tax expert to manage tax implications related to vehicle ownership and
usage.

Pools:

 Detailed Specifications: Finalize detailed specifications with the chosen pool builder (PoolPros).

 Legal Contracts: Sign a contract with PoolPros outlining the pool construction terms, warranties, and
payment schedule.

 Financing Documents: Ensure adequate funds for outright purchase and manage cash flow effectively.

 Tax Obligations: Consult with a tax advisor to address potential property tax implications and ongoing
maintenance costs.

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Correspondence 1: Request for Quotation (RFQ) for Equipment Fixtures, Fittings, and Furniture

05/09/2023

Supplier's Name: Luxe Events Suppliers

Dear Luxe Events Suppliers,

Subject: Request for Quotation (RFQ) - Equipment Fixtures, Fittings, and Furniture

I hope this letter finds you well. We are in the process of upgrading our event spaces and are seeking
quotations for high-quality equipment fixtures, fittings, and furniture. Your expertise in providing top-
notch products for upscale events is well-known, and we are interested in considering your offerings
for our project.

Please find attached the detailed specifications for the required items. We kindly request you to
provide a formal quotation for the supply and installation of these fixtures. Your quotation should
include a breakdown of costs, delivery timelines, and any terms and conditions associated with the
purchase.

Should you have any questions or require further clarification, please do not hesitate to contact us at
sensujata98@gmail.com .

We look forward to receiving your quotation by 07/09/2023.

Thank you for considering our request.

Sincerely,

Sujata Sen Thakuri

Correspondence 2: Request for Quotation (RFQ) for Vehicles

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05/09/2023

Supplier's Name: Luxury Shuttle Co.

Dear Luxury Shuttle Co.,

Subject: Request for Quotation (RFQ) - Luxury Shuttle Buses

We trust this letter finds you in good health. Our organization is planning to enhance our guests'
experience by providing luxury shuttle transportation between the airport and our resort. We have
heard excellent reviews of your fleet and would like to explore the possibility of acquiring your luxury
shuttle buses for our services.

Enclosed with this letter, please find the detailed specifications for the required vehicles. We kindly
request you to provide a formal quotation for the purchase of five (5) luxury shuttle buses, including all
associated costs, warranty information, and delivery schedules.

If you have any questions or require further information, please feel free to contact us at
sensujata98@gmail.com .

We kindly ask you to submit your quotation by 07/09/2023.

Thank you for your attention to our request, and we look forward to the possibility of working with
you.

Sincerely,

Sujata Sen Thakuri

Correspondence 3: Request for Quotation (RFQ) for Pools

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05/09/2023

Supplier's Name: Pool Pros

Dear Pool Pros,

Subject: Request for Quotation (RFQ) - Infinity Pool Construction

I hope this message finds you well. Our organization is planning to expand our resort amenities by
adding a new infinity pool with a swim-up bar. We have heard about your expertise in constructing
such pools and are interested in exploring the possibility of working with you on this project.

Attached to this letter, you will find detailed specifications for the construction of the infinity pool. We
kindly request you to provide a formal quotation for the pool's construction, inclusive of all costs,
warranties, and estimated project timelines.

Should you require any additional information or have questions, please do not hesitate to reach out
to us at sensujata98@gmail.com .

We kindly ask that you submit your quotation by 07/09/2023.

Thank you for considering our request, and we look forward to the prospect of collaborating with your
company.

Sincerely,

Sujata Sen Thakuri

Please use these revised correspondences with the corrected supplier's name and your name, Sujata
Sen Thakuri.

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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)

1. Equipment Fixtures, Fittings, and Furniture for Event Spaces:

 Asset Details: Event Space Upgrade
 Asset Description/Model/Type: Modern fixtures, fittings, and furniture
 Serial Numbers: N/A
 Purchase Date: 05/09/2023
 Cost: $500,000
 Depreciation Amount: Calculated based on ATO guidelines for this financial year
 Closing Written Down Value: To be calculated at the end of the financial year
2. Vehicles:
 Asset Details: Luxury Shuttle Buses
 Asset Description/Model/Type: Luxury shuttle buses
 Serial Numbers: 120,121,122,123
 Purchase Date: 05/09/2023
 Cost: $1,000,000 (for the entire fleet)
 Depreciation Amount: Calculated based on ATO guidelines for this financial year
 Closing Written Down Value: To be calculated at the end of the financial year for each vehicle
3. Pools:
 Asset Details: Infinity Pool with Swim-up Bar
 Asset Description/Model/Type: Infinity pool
 Serial Numbers: N/A
 Purchase Date: 03/09/2023
 Cost: $750,000
 Depreciation Amount: Calculated based on ATO guidelines for this financial year
 Closing Written Down Value: To be calculated at the end of the financial year

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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.

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1. Equipment Fixtures, Fittings, and Furniture for Event Spaces:

 Maintenance Requirements: Regular cleaning, inspection for wear and tear, replacement of
damaged items, professional upholstery cleaning, and periodic pest control (if required).

 Maintenance Schedule: Cleaning after every event, thorough inspection quarterly, upholstery
cleaning every six months, pest control annually.

2. Vehicles:

 Maintenance Requirements: Regular servicing, oil changes, tire rotations, interior and exterior
cleaning, and inspections to ensure safety and compliance with regulations.

 Maintenance Schedule: Servicing every 5,000 miles, oil changes every 3,000 miles, tire rotations
every 6,000 miles, regular cleaning after each use, safety inspections annually.

3. Pools:

 Maintenance Requirements: Regular water quality testing, pool cleaning, filter system
maintenance, pH level adjustments, and equipment inspections.

 Maintenance Schedule: Water testing and pH adjustment weekly, pool cleaning and filter
maintenance bi-weekly, equipment inspections and servicing annually.

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.

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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 specifc
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.

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 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.

1. Equipment Fixtures, Fittings, and Furniture for Event Spaces:

Reporting and Monitoring Mechanisms: A thorough reporting and monitoring system is in place to
guarantee optimal performance and prompt issue response. For spotting wear and tear, defects, and
necessary replacements, routine inspections carried out by trained maintenance personnel are crucial.
Feedback from event planners and attendees is aggressively sought in addition to internal inspections
because they are key sources for reporting problems. Provisions are created for quickly obtaining
expert assistance in difficult situations.

Provisions for Collecting Feedback: The maintenance of the assets depends on a proactive strategy to
gathering feedback from both customers and employees. The event planners' views about the state of
the fixtures and furniture provide insightful information. Employees contribute by disclosing wear and
tear while conducting routine inspections. This two-way feedback mechanism makes sure that the
state of the assets is understood completely.

Types of Maintenance Required: It takes a variety of maintenance procedures to keep these assets in
top shape. Regular cleaning and inspections to find loose fittings or damages are part of routine
maintenance. To maintain cleanliness and beauty, professional upholstery cleaning is planned
periodically. Additionally, there are pest control techniques in place that are used as needed to keep
the environment free of pests.

Location of Maintenance: The majority of maintenance work is done on-site in event spaces. This
strategy reduces downtime for assets and operational disturbance, ensuring that event rooms are
constantly prepared for booking.

Expected Duration of Maintenance Works: The length of maintenance tasks varies according to their
size. Each event venue needs to be inspected and cleaned regularly, which usually takes a few hours.
More time-consuming procedures, including pest treatment or upholstery cleaning, could take several
hours.

Timing of Scheduled Maintenance: The timing of scheduled maintenance is carefully considered to

reduce business interruption. It is typically organized between events or during times when there are
no events. To provide a flawless guest experience, extra effort is taken to prevent any interruptions
during ongoing events.

Likely Disruption to Operations: Operations are only slightly interrupted during routine maintenance,
mostly in the event space that is being worked on. While deeper work may necessitate temporary

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closures of some event areas, they are carefully planned to have the least amount of an impact on
visitors.

WHS Issues: A top priority is workplace health and safety (WHS). To protect their safety when handling
and repairing equipment, staff members who are involved in maintenance tasks receive extensive
training in WHS protocols. To prevent mishaps during maintenance work, extensive safety procedures
are in place.

Legal and Regulatory Requirements: The assets are regularly inspected for compliance with building
codes and fire safety rules in order to maintain compliance with legal and regulatory standards. In
order to maintain a safe workplace, compliance with WHS laws and regulations is also a high
responsibility.

Summary of Cost Impacts: The costs incurred by sustaining these assets cover a wide range of
expenses. Costs for replacement components, consumables, and labor for maintenance personnel are
taken into account. When handling difficult maintenance concerns, the expenditures for specialized
guidance are also taken into account.

Costs of Scheduled Maintenance: Costs associated with personnel, replacement parts, upholstery
cleaning tools, and pest control services are all part of scheduled maintenance. To achieve effective
asset management, these expenses are planned and constantly tracked.

Provisions for Monitoring of Financial Performance: Financial performance in relation to upkeep costs
and overall budget performance are constantly tracked. This constant evaluation aids in resource
allocation optimization and makes sure that maintenance expenses are in line with the budget.

Occurrences for Review or Audit: Frequent or expensive repairs, which may point to a problem with
the equipment's quality or the requirement for replacements, are examples of situations that call for a
review or audit of an asset's performance or viability. A safety audit and a reevaluation of maintenance
procedures may also result from incidents or accidents involving the assets. The integrity of the assets
and guest happiness depend on these reviews.

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