This tool is intended to avoid the hassle while we're in busy developing LabVIEW code.

If you have multiple LabVIEW versions installed (like LabVIEW 9.0, 10, ... 2013, 2014..., 2017), then while working on multiple projects in different version of LabVIEW, often there is a chance you mistakenly open the one version of the LabVIEW files in other version.

Read more about this here