MS Word Document - Adding a Version No

An important aspect of writing for a PhD is keeping track of the paper, particularly revisions and versions. To date I have been adding version numbers to my essays manually. As I am a bit lazy and very forgetful they are often not updated and chaos sets in. So I decided to explore the possibility of adding a "Version No" field to my headers along with the file name and date created which are already there. Typically there is not a default "Version No" field option in Word 2010. However, I Googled "Word 2010 revision number" and this revealed a number of helpful sources of info. The one I chose to follow was on the MPV website, an article titled -
"How can I get Word to automatically display the document version number in the Header & Footer?" by Dave Rado

Dave warns about using the obvious option -

If you use Versions (File + Versions) to store multiple versions of a document within a single file, then it will only be a matter of time before your document corrupts and you lose all your work. Avoid this feature like the plague - and like Fast Save and Master Documents, which are similarly broken – unless the document is of no importance to you. Taking backups won't necessarily help, because the corruption may creep up on you gradually, and by the time you realise you have a corruption you may have to go back to a very old file to get a clean document.

The article offers the alternative solution of creating a custom Document Property to store  the "Version No". You can find the full article here