Does Appian support multiple versions of same application for different environment(Dev/Test/Production)?
If yes, how it will be achieved, can we create multiple settings file.
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Can you describe what you are trying to achieve? In general each environment is independent, so the design objects on your Production environment won't necessarily match the objects on Develompent. This allows you to do active development without impacting the objects currently in Production.
If the question is whether you can have multiple versions of the same application on the same environment, that is not possible. However, you can create packages to mantain separate repositories where different developers can work independently.