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Monitor financial activities against budget. 2.1.Use financial records to regularly check actual income and expenditure against budgets.
01 / 10 / 2021
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Elements and Performance Criteria
Elements describe the essential outcomes.
Performance criteria describe the performance needed to demonstrate achievement of the element.
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.