The Function Binding is a generic binding type that lets you bind a dataset property to the results of a function. It allows any of the function's parameters to be calculated dynamically via Tag and property bindings. The function that you choose determines the parameters that are available. The most common functions are the Alarm Status, Alarm Journal, and Audit Log functions, but there may be more depending on the modules you have installed.
While there may already be an Alarm Status Table component, it may not be able to customize to exactly fit your needs. The Table component has many more customization options. When you use a Function Binding on the alarm status, you can pull that same data into a Table component, and then customize the table exactly how you need.
The following example shows the default settings for the Function binding. Notice how each field has Tag and property binding buttons next to them. This allows you to make this entire function dynamic by binding either Tag or property values to the different values of the function.