Saving a Copy of a Model or Development Component 
You can use the Save As option to save a copy of a model or development component (with its contents) with a different name, in the local repository. Saving a copy of a model may be particularly useful if a model is read-only (for example, if it is checked out by another user) and you want to modify it and save it.
You can save a copy of a model in different locations in the local repository, depending on where the original model is located:
If the original model resides in the local repository, you can save a copy only in the same development component.
If the original model resides in a source-control system, you can save a copy in any development component in the local repository.
Note
When you save a copy of a model, all references to the original model remain unchanged. Therefore, if you wish to save a copy of a model that contains nested or referenced components, it is not enough to save a copy of each referenced model separately. You also need to modify the references so that they point to the new copies of the components.
Procedure
In the Manage Models task panel, right-click the model or development component that you want to save a copy of.
From the context menu, choose Save As. The Save As Local Copy dialog box is displayed.
Enter values in all the fields of the dialog box. More information: Save As Local Copy Dialog Box
Result
The selected model or development component is saved in the local repository with the specified name and location. If the original model was saved in the local repository, the copy is saved automatically in the same development component.