We recommend you create aย new Projectย for every new Business Use case with a distinct set of Entities and audiences compared to other projects. This will help you manage the Test or Production service links and have tight security control over the exposed data.
Aย versionย is typically an extension of an existing project. You can create a new version of an existing project if the previously published version has an error and you want to decommission it and replace it with a corrected version. You can also create new versions when you want to expose additional Entities to a new set of User Groups.