Application Development Software

I read the online documentation, but could not discern the difference between Locking and Checking Out.

For what use cases do you recommend using Locking and for which are Checking In/Out best?

We have a large, centrally managed spreadsheet/workbook that our team needs to access and update on a regular basis. Should we Lock/unlock, or check in/out?

What additional capabilities does behive offer to ensure only one user can open and edit the workbook at any one time?

Thanks,

Brian