Records management is the systematic administration of records and documented information throughout their lifecycle, including creation, classification as active or inactive, use, storage, and final disposition. It involves identifying, circulating, storing, and disposing of records based on their legal, archival, fiscal, or other value to an organization. Records can be in any physical form, including paper documents, photographs, films, and electronic files, and effective management requires classifying records as centralized or decentralized based on storage and access needs.