I'm looking to understand what happens when you close out of an action verses undo an action in a Scenario summary widget to see what impact they each have on my Scenario.

What is the difference between closing/X'ing out of an action and undoing an action in the Scenario summary widget?

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Clicking the 'x' icon on an action removes that action from the list. The undo button undoes changes to the list which is not always the same as removing an action, e.g., if you just removed an action from the list and hit 'undo' you will add the removed action back to the list.