Operating Locations
Operating locations are the locations in which an asset operates, so work orders and tickets are typically written either against the location itself or against the asset in an operating location. Operating locations are the locations used when building a location hierarchy.
Other Asset-Type Locations
In addition to operating locations, assets can be located in other "asset-type" locations. Other asset type locations are vendor, salvage, and repair. You can track an asset not only as it moves from one operating location to another, but as it moves to a vendor or repair location, and eventually perhaps to salvage.
Other Inventory Type Locations
Other "inventory type" locations are labor and courier. These are locations that, like a storeroom, can maintain a balance of an item or items issued from a storeroom. You could see, for example, that a courier location is holding a batch of items issued from a storeroom, and is thus responsible for them until they are received into another location.