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The recently used tab shows you a list of the last 50 reports you ran along with a summary of the parameters. You can re-run any of the reports, with the original parameters, by clicking the 'Launch Report' icon for the report tile of interests.
You can add a Recently Used report to your favourites list by clicking the 'Launch Report' icon and the clicking the 'Add to Favourites' icon from the Report page that opens.