yes it would.
the most intuitive way to create this is to go into em and navigate to your database, then goto the diagrams tab and create a new diagram.
in the new diagram, you'll have to add existing tables (right click anywhere) or create new tables and then create links/relationships (drag/drop one column from one table to another column from another table)
it's possible to get visio to automatically pull the tables/relationships from sql server, you'll need the enterprise edition of visio though...
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Procrastinate Now!