ASSESSMENT - PROJECT
Part A- Asset Register
1. Develop a physical asset register for the Acumen kitchen and restaurant which includes:
buildings, computer system, equipment fixtures, fittings and furniture in the kitchen and restaurant
2. 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)
Part B - Maintenance, repair and replacement
1. Develop a maintenance register and list the maintenance requirements for each asset, ensuring minimal disruption to operations and environmental sustainability. For some assets, that might be determined through lease clauses or service contract agreements. If so, include these details. For the remaining assets, consult the user manuals or manufacturer's recommendations with consideration to frequency of use relevant to Acumen. For example if a post-mix machine or coffee machine is connected to a water filter then this needs to be reflected in the maintenance requirements.
2. Use the information in the maintenance register to develop a maintenance plan. Your plan 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 and recording feedback from customers and reports from staff.
c. Types of maintenance required including common routine maintenance , for example adjusting doors, fixing furniture, cleaning air-conditioning filters.
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 or after hours
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 physical assets during the course of the financial year (for example electrical equipment)
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 a review or audit of the performance or viability of the assets.
3. Acumen management have asked you to coordinate the replacement of the following items: A computer for the restaurant A chest freezer A coffee machine Arrange a time to meet with your Assessor (playing the role of a team member) to find out why the items need to be replaced and what the new items need to be able to do. Your assessor will complete the Observation Checklist below to record your performance in this task. Please read it through so you know exactly what is expected of you.
4. Complete the Approval Form for Physical Asset Acquisition/ Replacement for each new item with the specifications for each item which clearly outlines what requirements it needs to fulfil in terms of capacity, performance, size, location requirements and maximum budget for each or for the overall budget parameter.
5. Obtain 3 prices or quotes from different suppliers or sources for each asset.
6. Contact financial institution or suppliers and obtain different financing options available and costs
7. 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).
8. 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:
- 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.
ASSESSMENT 2 - WRITTEN TASK
Student Instructions:
- Read each question carefully and speak to your assessor if there is anything you are unsure of or don't understand.
- You will find some of the information in your course text books and may also need to conduct your own research on the internet.
- Ensure you note down any sources such as websites that you accessed to find the relevant information.
- Acknowledge clearly when and how you are drawing on the ideas or phrases of others.
- Read the Acumen Education Plagiarism Policy and Procedure carefully to understand the consequences that you could face if your work has been plagiarized.
- This task is to be completed in your own time, either at home or at Acumen Education, if you don't have internet access at home.
- Speak to your assessor if there is any reason you are unable to complete this task.
- Submit this assessment by the due date given to you by your assessor.
Questions
1. How can the following business objectives influence the methods used for managing physical 1 | assets in an organisation? Provide 1 example for each:
- Profitability
- Growth
- Providing quality products and services to customers
- Adhering to: o codes of conduct
- environmental sustainability philosophies and practices
- Industry accreditation schemes
2. | List ten different types of physical assets used in Hospitality Industry.
3. List 5 physical assets relevant to your workplace or training and provide the maintenance details typically required for each:
4. List 6 key aspects which must be considered for the long-term assessment of physical assets 4 | in terms of nature of requirements and necessity of acquisition. Who could be typically involved in this in terms of feedback and specialist advice?
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 -
6. What are the features and benefits of renting equipment?
7 What are the features and benefits of using Hire Purchase to acquire expensive equipment?
8 What are the features and benefits of leasing equipment and furniture?
9 What are the features and benefits of purchasing physical assets outright?
10 What is the purpose of Physical Assets Register? What are the components of Physical Assets register?
11 How do you assess whether or not you can apply Depreciation to a piece of equipment?
12 Explain two methods of calculating depreciation.
13 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?
14 List 3 examples for environmental sustainability that applies to physical assets and outline the environmental and financial benefits as applicable.
Attachment:- ASSESSMENT PROJECT.rar