Yes, you can manage machines not on a domain.
The same methods used to manage a Mac or Linux machine would be used, namely, you need to add an account that has admin privileges on the box to the alternate credentials section of the scheduler service.
This really only applies if you are doing software dist, or pushing any job to the machine, including agent install.
You can install an agent locally on the machine using a self contained executable to get past the pushing an agent though, so that can be worked around as well.
I run a full lab in a non-domain environment and just use a standard account across the machines and set the scheduler service to use that and I have no issues.
To clarify something here.
The scheduler account only needs an admin account on the boxes if you are pushing an agent to them. That is only one way of getting the client to the devices.
Once an agent is on the machines that account is not important. The agent will have local admin rights at that point and be able to do whatever you need.
If you need to send software to a machine and the files sit on a server share then preferred server configuration might become important. Http locations are generally fine unless you are securing them.
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