After making some changes in my models (eg. new field in a model and a new model) what is the best way of reflecting these changes to my populated database?
PS: I
Depends on the scope of the changes. If it's beyond an ALTER, you're doing major surgery. Make backups of model as well as database so you can go back.
My preference is to put your new (revised, corrected, expanded) model in as a NEW application. It won't have URL's or anything, just a model.
Once you've pulled the data out of your old model, you can rebuild your DB in the preferred new format.