Is it recommended to set an asset to a state of Retired when it reaches the end of its life?

Setting an asset to a state of Retired when it reaches the end of its life is a best practice in Hardware Asset Management. When an asset reaches the end of its useful life, marking it as Retired helps to clearly signify that it is no longer in service or available for use. This classification ensures that the asset is appropriately accounted for in the organization's records, facilitating accurate reporting and inventory management.

Retiring an asset also aids in compliance with asset management policies and procedures. It signals to stakeholders that the asset is no longer actively contributing to the organization and prevents any potential confusion regarding its availability. Additionally, this practice helps streamline the process for future asset procurement, as the organization can analyze retired assets for insights into their lifecycle and inform decisions regarding replacements or upgrades.

In contrast, other options, such as only retiring an asset if it is defective or upon user request, do not encompass the broader strategic view of asset management. An asset's retirement should not solely depend on its condition or user input but follow the predetermined lifecycle policies to maintain consistency and compliance within the organization.