A team project corresponds to a way of doing development - an instantiation of a methodology.
If all of your teams use the same set of rules to govern their work, then putting all of the solutions in a single team project is appropriate.
If, on the other hand, you have some groups that follow a rigorous methodology (e.g. RUP) while others follow a more agile methodology (e.g. MSF), then it would be appropriate to put these development groups in different team projects.
A Team Project defines a container for:
- Work Items and Work Item Types. It's inconvenient (at best) to work with work items from different team projects.
- A collection of reports
- The top-level folder of a source-control hierarchy. You CAN merge/move/branch files and folders between team projects just as you would within a single project.
- A Sharepoint portal site. The portal site serves the entire team project.
HTH
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