Raghu,
Windchill has very broad and deep capabilities to track a products configuration and maturation over time.
Starting with the product structure / CAD structure and revisions thereof, there are many ways depending upon the needs and use cases to track and manage the configuration.
These include -
User wants | Configuration Specification | Description |
To find latest designs | Latest | Expand the structure using the most recently created versions of a selected View and Life Cycle State. Available for part and CAD document structures. |
To get the design from a specific event in time | Baseline | Expand the structure using versions captured in a previously created baseline. Available for part and CAD document structures. |
To see the configuration of a product based upon serial number or lot | Unit Effectivity | Expand the part structure using part versions assigned a specified serial number, lot number, or lot/serial number effectivity. Available for part structures only. |
To see the configuration of a product based upon date | Date Effectivity | Expand the part structure using part versions assigned a specified date, or date and time effectivity. Available for part structures only. |
To Get the data related to a promotion request | Promotion Request | Expand the structure using versions referenced by a specified promotion request. Available for part and CAD document structures. |
To get back the CAD data that the user had successfully regenerated and checked in | As Stored | Expand a CAD document structure according to a baseline automatically created when the CAD model is stored. Available for CAD document structures only. |
More detail can be found in the Help section on Change and Configuration Management:
http://www.ptc.com/cs/help/windchill_hc/wc101_hc/index.jspx?id=CCMOviewIntroduction&action=show
To answer your question above - Baselines support typing and soft attributes