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Adding an option to a report via an option group presents a limited set of choices for users. The benefit of an option group is that selecting a value is easy by clicking on the desired choice. Only one option can be chosen at a time. An option group consists of a group frame with checkboxes, toggle buttons, or option buttons, with numerical values assigned. It's crucial to note that the value behind the buttons is a number, not text, as the option group only allows numerical values. This means that when selecting options like Company A, Company B, or Company C, they are stored as one, two, or three in the table, not as text.