What are "Calculated Fields" used for in Workday?

Calculated fields in Workday are specifically designed to derive values based on existing data within the system. These fields can perform mathematical operations, concatenate data, or apply logic to return meaningful results that depend on other attributes or inputs. This capability is especially useful during the data loading process, where derived values can be created on the fly for individual records based on pre-existing data sets. For instance, if you have employee data that includes hours worked and hourly rates, a calculated field can be used to automatically compute total pay without needing to input that value manually.

The other choices do not align with the primary purpose of calculated fields. Storing historical data pertains more to database record management rather than real-time calculation. Manual data input is a separate function of Workday that allows users to enter information directly without deriving it from existing data. User permissions relate to security and access controls, which do not involve the calculation of values. Thus, the primary role of calculated fields is indeed to derive values during the data loading process, facilitating better data analysis and accuracy.