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Using REPLACE functionality in Process Simulate Standalone 12.1.1

Am trying to use the REPLACE functionality in PS Standalone 12.1.1 [ Tools -> Reaplce ->Replace Objects]

 

Works in eMServer, but not in Standalone.

 

No matter what I select (compound part, parts, operations etc etc.)- i cannot activate this menu (always grayed out)

 

I have 2 REVS of Parts and just want to replace Rev 1 with Rev 2

 

Any clues on what I could be doing wrong ?