For our workflow, Ben came up with naming our edits as versions and sub-versions. We find this the most useful as there’s no getting confused later. Anything labeled v1-x-x we know is Edit 1, anything labeled v2-x-x is Edit 2 and so on. The middle number is a useful tool for using the same edit structure but where I’ve decided on a significant change in direction. I use a new version to start each new structure. The edit I signed off on as the first cut of “Wabi-Sabi” was v1-0-56. From start to finish of this first cut was 7 weeks. We also have additional versions we need for versions of the edit with just titles (“T”) or animation (“A”), graded (“G”) or mastered (“M”)
Source: Backpack editing for a feature documentary – Newsshooter