It is recommended to use the Generate Latest Changes... option as it results in lesser package sizes and thus allows to avoid potential out of memory problems.
The first step of Package Wizard appears, containing a list of items that will be packaged.Before each generation, system automatically verifies dependencies of the Project and its contents and checks for changes. This is similar to what happens when using "Detect Changes" function, but without checking for new revisions of the entities.
If the Project contains items in the Missing status, the generation is blocked. In this case, deliver or ignore missing entities. If the issue is related with Project definition mismatch, using the Synchronize PB Project command may be helpful.