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As the name implies, you can clone an existing test cycle and do so very easily. Cloning essentially copies an existing test cycle and all the tests that it contains. It zeroes out all execution status, comments, attachments and defects filed. This is a great way to very quickly set up a test cycle based on planning that was previously done and is a great time saver.
From the drop-down menu at the right of the progress bar for that cycle, as above, select “Clone Cycle”. This clones that entire test cycle for the current version you are in and gives you an opportunity to modify any of its details.
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