Well...they are two different animals that can have two different purposes.  Basically, a records inventory is a list of what records/documents/information exist and where they are located.  RIM expanded that concept in years past to include data about each record/document to enable a more accurate determination of the record/document value for retention purposes.  With the advent of process flow and business process analysis in the RIM field, the expanded version of an inventory is not always necessary.  The inventory also serves as the list of records/documents/information against which the newly approved retention schedule should be applied.  The inventory shows you what you have - no matter how old or no matter the current value - and the process analysis shows you what records/documents/information are used for which business process.  In addition to helping determine retention value, the analysis can help identity mission critical records, improper or poor record keeping practices, and information risks.

Ginny Jones 
(Virginia A. Jones, CRM, FAI) 
Records Manager 
Information Technology Division 
Newport News Dept. of Public Utilities 
Newport News, VA 
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