SITXFIN005 Manage Physical AssetsASSESSMENT COVER SHEET(Please ensure this cover sheet is completed and attached on top of each assessment)QUALIFICATION CODE AND TITLE: SIT60316 Advance Diploma...

PLEASE DO DETAILED ANSWERS FOR TASK 2 AND 3 SPECIALLY TASK 02.


SITXFIN005 Manage Physical Assets ASSESSMENT COVER SHEET (Please ensure this cover sheet is completed and attached on top of each assessment) QUALIFICATION CODE AND TITLE: SIT60316 Advance Diploma of Hospitality Management UNIT CODE: SITXFIN005 TITLE: Manage Physical Assets__________________ Student Number Student Name Assessor Name Pamela Di Dato Assessment Name and Number SITXFIN005 MANAGE PHYSICAL ASSETS Assessment Task Number and Name AS ABOVE Assessment Due Date 04.06.2022 Submission Date Competency Date: RESULT ☐SATISFACTORY ☐UNSATISFACTORY FINAL OVERALL RESULT ☐COMPETENT ☐NOT YET COMPETENT STUDENT DECLARATION I declare that: · This assessment is my own work, based on my own study and research and no part of it has been copied from and other source except where due acknowledgement/reference has been made. · If this assessment was based on collaborative/teamwork, as authorized by the trainer, I have not submitted the same final version of any assessment material as another student. · I have not previously submitted this assessment or any part of this assessment for this or any other course/unit. · I have kept a copy of my assessment. · I give permission for my assessment to be reproduced, communicated, compared and archived for the purposes of detecting plagiarism. · I understand that plagiarism is the practice of taking someone else’s work or ideas and passing it off as one’s own work and that the attached assessment maybe checked for plagiarism. · I understand that collusion is presenting another person’s assessment as one’s own and/or providing your own work to another person to allow them to pass it off as their own. · Any assessment deemed unsatisfactory will require me to undergo reassessment which may be different to the one originally submitted. · I am aware that in the event that I disagree with the assessment outcome I have the right to appeal that result. I will follow the complaints and appeals process. · A late submission fee of $100 per assessment will apply if the assessment is submitted after the scheduled due date unless a formal extension has been granted by the Program Manager or Course Co-ordinator. Student Signature:Date: ASSESSMENT SUMMARY SHEET To be deemed competent students must have a satisfactory result recorded for each assessment activity. If a result is not satisfactory for any assessment task, the trainer/assessor will determine the training and assessment tasks to be completed. The student has been assessed as competent in the elements and performance criteria, performance evidence and knowledge evidence and in line with the assessment conditions. The students work submitted for this assessment is: ☐ Valid☐ Sufficient☐ Current☐ Authentic ASSESSMENT TASK 1 ☐ SATISFACTORY ☐ NOT SATISFACTORY ☐ NOT APPLICABLE ASSESSMENT TASK 2 ☐ SATISFACTORY ☐ NOT SATISFACTORY ☐ NOT APPLICABLE ASSESSMENT TASK 3 ☐ SATISFACTORY ☐ NOT SATISFACTORY ☐ NOT APPLICABLE Feedback to Student The student has been given feedback and informed of the assessment result and the reasons for the decision. Trainer/Assessor Signature Date Other Resubmission Date Is this assessment subject to an appeals process Yes No Outcome of appeal ASSESSMENT 1 Answer the following questions in brief. 1. Below given are the business objectives relevant to the management of physical assets. Discuss about them in brief. Explanation Probability Growth Providing quality products and services to customers Following codes of practice Maintaining industry accreditation schemes Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 2. Discuss about any 3 environmentally sustainable philosophies and practices. Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 3. Tourism and hospitality organizations require a range of physical assets. For each of the following physical assets required as listed below, provide two examples. Examples a. Buildings b. Computer Systems c. Equipment fixtures, fittings and furniture for accommodation establishments d. Equipment for commercial kitchen e. Equipment and furniture for restaurant and bars f. Gardens g. Pools h. Rides and games i. Vehicles j. Vessels Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 4. Outline the maintenance requirements for the following physical assets. Maintenance Requirements a. Vehicle b. Coffee Machine c. Pool Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 5. Purchasing assets can be major business decision and a long-term assessment of the viability of these assets needs to occur. For each of the factors to consider in the table below, explain why these factors need to be considered concerning the assessment of long-term viability. Explanation a. To meet business objectives b. Maintenance cost over time c. Customer and staff feedback d. Input from specialists where required e. Operational efficiency f. Safety Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 6. Below given are the factors guiding acquisition process. Discuss about them in a brief. Explanation a. Budget Parameters b. Environmental sustainability policies for the business c. Floor Plans d. Number and types of required equipment fixtures, fittings and furniture e. Operational requirements for efficiency customer traffic f. Staff Usage g. Types of products and services offered by the business Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 7. Discuss about the format and contents of asset register. Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 8. Identify any one feature and one benefit of the following options for asset acquisition. Options Feature Benefit a. Hire Purchase b. Lease c. Purchase d. Rent Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 9. Discuss about any two depreciation methods that can be applied to different types of physical assets. Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 10. Discuss how these sources can influence/help the final acquisition decision. Sources Explanation a. Current maintenance contracts b. Estimates and quotation from suppliers c. Previous contracts and costs d. Published and advertised prices Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 11. Discuss any two practices that support sustainability using different types of physical assets. Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: ASSESSMENT 2 This is a roleplay task. To complete the following task, you need to prepare power point slides for each questions, and present in a class in a simulative environment. You can find additional supporting materials For Adore Hotel required for this task under Additional in V-Learn. 1. Develop a plan for the acquisition, maintenance and replacement of at least three different types of physical assets. Also include and 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 inspection or audits · Schedule management reports · Develop and maintain a current register for the above assets ASSESSMENT 3 Write short answers for the following questions: 1. What things should be kept in mind while developing and maintaining asset register? Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 2. Define asset register? Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 3. Discuss about the phases of asset life cycle. Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 4. How maintenance and repair regimes help to minimize disruption and loss of revenue? Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 5. How can environmental sustainability be ensured? Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 6. How the impact of asset operation on the environment can be reduced? Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 7. Write about the multiple options available for acquiring assets. Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 8. What are the two major reports required for regular monitoring and reporting of physical assets? Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 9. What are the problems one might encounter with physical assets? Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 10. How can the problems with physical assets be resolved? Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 11. What is meant by asset performance? How can it be determined? Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 12. What special traits do specialists have? When is specialist assistance necessary? Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 13. Why preparation of accurate equipment specifications is necessary for acquisition process? Mention some of the specifications that help in finding the better of assets. Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 14. How estimation of cost is carried out while acquiring new assets? Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 15. What factors contribute on making decision for replacement and acquisition of new assets? Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 16. Mention about various methods of financing for assets acquisition. Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 17. Who are the specialists engaged in financial acquisitions? Why them? Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY ☐ NOTES: 18. Why keeping accurate records of all financial agreements important? Assessor Use Only: SATISFACTORY ☐ UNSATISFACTORY