Is there a way to implement version control in Business Objects XI R2/3.x?

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Is there a way to implement version control in Business Objects XI R2/3.x?

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Starting from XI 3.1, Business Objects offers a web-based tool called Life Cycle Manager(LCM) that will allow you to manage different versions of the objects you work with. It can also be used to promote content(reports, universes etc) from one server to another.

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