Final answer:
A time management or time tracking system is used to create or update time entries and generate calculated results based on formula logic.
Step-by-step explanation:
The software that creates or updates time entries and uses the data to create calculated results based on formula logic is known as a time management or time tracking system. These systems are commonly used in businesses to track employee hours, project time, and to generate reports for payroll and invoicing purposes.
For example, a time tracking system may allow employees to log their hours worked, either manually or through an automated process such as clocking in and out using a biometric device or swipe card.
The system can then apply specific formulas based on factors such as regular hours, overtime, and different pay rates to calculate the total hours worked and the corresponding wages owed.