Put the different .exe versions in two different sub-directories:
C:\Program Files\Terraform\v011
C:\Program Files\Terraform\v012
Put the above directory paths into the 'Path' environment variable.
Reference: How to add a folder to `Path` environment variable in Windows 10 (with screenshots)
Rename the the .exe files using POWERSHELL.
#Rename v0.11 terraform.exe to 'terraform11'
PS C:\> cd 'C:\Program Files\Terraform\v011'
PS C:\Program Files\Terraform\v011> Rename-Item .\terraform.exe -NewName "terraform11.exe"
#Rename v0.11 terraform.exe to 'terraform12'
PS C:\Program Files\Terraform\v011> cd 'C:\Program Files\Terraform\v012'
PS C:\Program Files\Terraform\v012> Rename-Item .\terraform.exe -NewName "terraform12.exe"
Reference: https://superuser.com/questions/936294/how-to-rename-an-executable-from-its-details
Now, using CMD..
Call 'terraform12' to execute terraform v0.12.
Call 'terraform11' to execute terraform v0.11.
C:\>terraform12 -version
Terraform v0.12.20
C:\>terraform11 -version
Terraform v0.11.14
Your version of Terraform is out of date! The latest version
is 0.12.20. You can update by downloading from www.terraform.io/downloads.html