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Team Foundation Server enables great teams to do great work by recognizing that all of the work involved in a software project - source code, issues, and requirements to name a few - is symbiotically related, no matter what form it happens to take.
Team Foundation Server is a workflow collaboration engine that enables the use of a team's customized process, as well as a centralized data warehouse that collects real-time intelligence on project history.
Team Foundation Server, along with the rest of Visual Studio Team System, brings together the core roles that are part of the software development process.