The Create Work Order tool has three options. These allow you to create a work order with or without X/Y coordinates.
The "with X/Y" option stores the exact coordinates along with the work order.
The asset only options create work orders without exact coordinates.
The "At Selected X/Y" option creates a work order record for the X/Y coordinate only. The work order will not be tied to any specific piece of inventory. The location tab in the Work Orders module will store the X and Y coordinate so that it can be retrieved later by a Show Work Locations or Show in Map function.