Marco Dragic, MathWorks
Large-scale modeling projects can be organized into components to facilitate team-based development, project reuse, unit testing, and independent release of components. Simulink supports project componentization through project referencing. A project reference hierarchy can be created by referencing other projects from a parent project. You can explore the full project reference hierarchy, access all associated files, monitor their statuses, and track changes of any referenced project directly from your Simulink project.
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