Which of the following best describes 'records retention'?

Records retention refers to the procedures and policies that dictate how long various types of records should be maintained before they are disposed of. This process is crucial for organizations as it helps them comply with legal requirements and manage information effectively. Maintaining records for the appropriate duration ensures that essential information is available when needed yet avoids holding onto records that are no longer necessary, which can lead to clutter and potential legal issues.

The correct choice focuses on the determination of retention periods, which encompasses the analysis of regulatory requirements, operational needs, and historical significance that dictate how long different records must be kept. This practice not only facilitates compliance with laws regarding data retention but also plays a vital role in risk management and operational efficiency.

Other options such as deleting outdated records, gathering records into one location, and ordering new storage solutions relate to different activities that may happen in the lifecycle of records management but do not accurately capture the essence of what records retention entails. Deleting records is a separate activity that comes after the retention period has lapsed, while gathering and ordering refer to organization and logistics of record management rather than retention itself.