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Gemini uses the concept of Versions to help define iterations of a given project. Each iteration will usually consist of work items that need to completed within the iteration. In software development speak, these iterations can represent software releases such such 1.0, 1.1, 2.0, etc. If non-software projects are being managed with Gemini then the Versions may well represent more time centric labelling such as June, July, August, etc.
Not all projects will require or make use of Versions to clearly define which work items will take place and when. However, as a general rule of thumb, if you can break down a project into phases then usually you can leverage versions.
A key feature of versions in Gemini is the ability to nest them, arrange them in an hierarchical fashion. However, sometimes a project may not require any iterations and hence versions need not be defined and can be removed from view using the Screens feature of Gemini.
In the world of software development version naturally fit well as the following example demonstrates.
Whether you run an Agile project or not, the ability to define and next iterations will help immensely as you plan and manage work.
But non-software projects can also benefit from versions by identifying their own iterations, such as time-boxed intervals like weeks, months ,etc.
You can now drill in and see what work items are planned for any given month (much like you will drill into specific software release versions to understand features and bugs being fixed).
Simple progress charts will help you track progress of any particular version and with the added ability of viewing Burndown charts typically associated with Scrum/Agile software development environments.