The codes are just a clue as to what is wrong. Its just a small clue in to what the ECU thinks is wrong. In EOBD/OBDII world, some codes have multiple meanings for a given code.
Ideally, it needs live data to then take it further.
So, the codes give you clues as to which live data values you are interested in, which hopefully narrows down the fault.
Take Cliffo B's car, which left here a couple of hours ago. Complaint, TC light on (and EML on, and in limp mode). Engine fault codes, 2, both present, both 1700. One was a SVS from TCM, other was Unknown DTC. Fault codes from ABS ECU (which is where TC function exists on Omegas), was gear level position unknown. So the clue is to look in TCM ECU, and fault code for Range (Selector switch). So we now know to suspect the Range switch as the cause of all the primary and secondary complaints. Live data from Range switch showed, no matter what position the lever was in, all 4 position lines are inactive, an invalid combination. Quick check of the wiring diagrams shows the likely candidate, and fault then quickly located and resolved.
In essence, just working from fault codes alone is always guesswork, and what we expect from dealers and poorer garages, except on those codes that a specific marque suffers as a common fault. For example, if you showed me a 73/74 (0105 in ODBII world) code on a 2.5/3.0l Omega, but live data showed a reading, I'd not be looking at a faulty MAF, I'd be looking elsewhere, eg air leaks. On many other cars, I'd be suspecting MAF.