Concept of effective date and its advantages

Briefly explain the concept of effective date and its advantages.

Effective date concept is used in multiple core tables in PS HRMS. For example in job this is a primary key. Purpose of this field is to differentiate multiple transaction rows for same employee that has happened on two different dates. Effective date is also used in a lot of setup tables for example location. A location is say active as of today but 5 days later if I wish to make it inactive how does the system recognize the current status of location 5 days in future. It will be done by using the most effective dated row for that location.
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