Which of the following BEST describes the records management system? Explain

In my point of view we must care & keep all those factors together

all of them are very very important & consequential

All of the items you listed below your question..

A system to store contracts and project records for future project managers to reference 

All of these describe records management system, just in different industries. Document and Records management requirements are different within each industry and departments with organizations.  There should be a quality system in place describing the proper document and records management procedures and safe guards put into place.  Records management is an important part of quality control.  Quality control systems are necessary to protevt  the consumer and the business.

The most commonly-used term for record management system covers for all kinds of records including people, sytstems, operations, ...  etc.   Regardless of what the records are and what they may contain, the important thing is the "management system" itself and what it does to these records in the entire record management lifecycle from creation to destruction of these records

Number One

Better to save all the record for ongoing project like mostly companies doing till the end of project .This will work for present and future management /projects as reference of records.

In the modern age we have to store data by scanning the approved papers and keep in different files as pdf files to easily locate, read, print and email. Old method of storing is risky like losing important papers during office shifting, sending head office, stealing, misplacing, and tearing or by damaging flood or rain water. We also know that computer viruses can also damage records but we can save it in CD’S, USB forms. This will save our time for searching, placing, shifting, presenting, papers and forwarding time for references. We can easily present in our meeting to show by larger projector view to explain. This is21st century just open click present, attach, email or print.

All of the mentioned are to be considered within a document management system.

For records management system, you should take into consideration the lifetime of the document, which I mean the retention factor. Adding a lifetime and stages for a document to be considered as a record.

There is too much to say about such topics, but that is how I can explain it in easy few words...

i thnk all of them

Records Management System Is Just A Tool So Its Role Depends on the user preferences

Some times it is used by procurement departments so it will help filing and storing procurement data and contracts - invoices - bills - claims ... etc

Sometimes it will be used by PMO so it will help saving formates - processes - and lessons learned

Othertimes it will be used in projectized organizations so it will have all the items you mentioned

So finally it is a tool depend on your preference