Which approach to follow - Tag Historian /Transaction Groups/Tag Event Script and Query Tag/Named Query

Can someone provide guidelines to decide which approach to follow in which case?

Each one is for different purpose, depends on what you want to do!

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There's no general rule. Tell us what you are trying to do. But these links might help:

I am new, but as a general rule for myself:

Data Collection from Machines
I find that the work to create the transaction groups creates a very uniform and standard approach that results in clean and organized data. It has been great for data that is automated from machines.

I saw a person using the python updating for this, and it seemed like they were extremely picky which tags on which machines, and it got rather complex quickly I thought. Their data is very accurate, but in doing so I thought that they avoided using a standard method that would then force/encourage standards on the plc programs in the machines.

Any manual entry data, interface buttons, tricky customization
When I have people doing some manual entry, I like the runprepupdate system function in python scripting. This is the case even if most the data is automated.

This has been useful in cases where I wanted to use subsets of table to delete rows as well, like if a user clicks on a row and then presses delete, the query is easy to run as a script.

In some cases I think that there are more complex things that you can do easier with the scripting. I think it is a tradeoff though between standardizing the plcs or doing this custom scripting for me. Some customization of the tables, like coloring cells, I think is done in the scripting.

Ad Hoc Trends, Power Chart, exchange visualization
I have many historized tags specifically for use with the data visualization resources on the exchange.
The historizing creates for me a uniform tabulation of the data that then works great with these premade resources.

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