Embodiments are directed towards managing data models using version control for resource allocation modelling. A main data model that includes change records, resource values, model objects, or the like, may be provided. Also, user workspaces associated with the main data model may be provided. The user workspaces may include a workspace data model that is based on the main data model and its change records. Model objects that may be part of the user workspace may be modified by a user where each modification made by the user may be employed to provide workspace change records. If a user finishes modifying the workspace data model, the one or more workspace change records may be used to execute the merge of the modified model objects with the main data model.