Build Numbering and Versioning

Build numbering is a topic filled with "political" and "cultural" significance. I mean that within organizations and among developers, we have heated debates over the numbering of software versions. Is this software 2.3 or 3.0? Or should it be 2.3.5.7919, 2.3.5.rc-1, or 2.3.5.beta?

Phil Haack recently offered some important information on Semantic Versioning (SemVer) specification and NuGet build numbering. Since the SemVer convention is a rational and meaningful way to version public APIs...