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How does one create a Favorite report?

1. Go to My Stuff > Reporting > Reports tab.
2. Select any standard report from the list. 
3. Make any changes to the Columns and Grouping etc.
4. Click Save on the Actions bar of the Reporting Form.
5. Name the favorite report and select who to save for and Save again.
6. Go back to the Favorites tab to view the newly created favorite report.