To configure a PM (Preventive Maintenance) that triggers maintenance every 500 hours of operation for an asset, the configuration must include associating the RUNHOURS meter with the PM, setting the meter frequency to 500 hours, and ensuring that work orders are generated based on actual meter readings. Modifying the meter's reading type to DELTA is unnecessary because the reading type is already set to ACTUAL, which is appropriate for this requirement. Therefore, option B is correct as it properly includes associating the RUNHOURS meter, setting the meter frequency to 500, and checking the option to generate work orders based on actual meter readings without estimation.