After you create a new version of an entitlement process, you can choose to apply it to all entitlements assigned to the previous version, or only to new entitlements. When you apply an entitlement process to an entitlement, it also applies the process to that entitlement’s active support records.
USER PERMISSIONS NEEDED
To create and update entitlement processes:
Manage Entitlements
NOTE:
To create multiple versions of entitlement processes, entitlement
versioning must be enabled in your org. Select Enable Entitlement
Versioning on the Entitlement Settings page in Setup. When you create
versions of entitlement processes with the same name, the version
number and notes help you differentiate between versions. Salesforce
prevents you from disabling entitlement versioning so you always know
which version you’re working with.
Refer the Use a New Version of an Entitlement Process