Check out the discussion in the video . A colleague once shared a story of a company that dismissed a developer because the developer had run a query counting records without using NOLOCK. The OLPT environment experienced a brief disruption from this and thus the developer was dismissed. In general, avoid running queries in production and if you are required to run queries, either use queries that have either been pre-created (health checks) or use queries that have been approved.
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We look at some of the drawbacks to using this hint along with some of the advantages. Context and situation matters the most when we consider using this. Also, there are other ways to set this at the beginning of the transaction, so that we don't have to specify on each table.