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Oracle Policy Modeling v10.4.1 cannot be installed side-by-side with previous releases of Oracle Policy Modeling v10.x, however if you are using either Oracle Web Determinations or Oracle Determinations Server then different versions of these applications can exist side-by-side.
May I add a caveat? Application (or even desktop with products like Virtualbox) virtualization may get you multiple versions (assuming no license issues).
Thin App for example: http://www.vmware.com/products/thinapp/using.html