How to create a Shared Folder in Outlook for Office documents

Three parts to this question:
Given that the office has Exchange Server...
1) Is it possible to have a Shared Folder in MS Outlook 2007 where several people can view Office documents such as Word or Excel?
2) If so... how do you set this up?
3) Can you configure it so one person can update documents and everyone else only has permission to read them?
Any help on this would be very much valued. Thanks.
DataTrainAsked:
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Glen KnightConnect With a Mentor Commented:
well... there are a couple of approaches to this....however to achieve all of what you have setup above you would need to use Sharepoint Document Library's so the answer to question 1 is no.

See here: http://office.microsoft.com/en-us/windows-sharepoint-services-help/working-with-sharepoint-document-libraries-HA001141287.aspx

Free version of Sharepoint Services: http://technet.microsoft.com/en-us/windowsserver/sharepoint/default
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DataTrainAuthor Commented:
Thanks - I am not doubting what you have said, but does anyone else have know anything different?! In other words is there any other approach that doesn't involve SharePoint?
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Glen KnightCommented:
There really isn't, sorry.
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DataTrainAuthor Commented:
Thanks.
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Glen KnightCommented:
Why the B grade? Was your question not answered fully?
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