Once you have created at least one version, you can then compare the current model (the model as it exists right now) to any previous model version you have created. In order to do so, you must identify the Reference Version (the version to which the current model is compared).
This is done by selecting the checkbox to the right of the version in the Version Manager. Only one checkbox can be selected at a time (i.e., there can be only one Reference Version).
You can readily change the Reference Version while you are viewing differences.
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