First, I'd like to second Kenny's recommendation as far as how I recommend our product teams organize. Although Project Areas are one way to delineate access to artifacts, I usually prefer to look at them as more of a methodology context. That is, if you need to work in an Agile way vs. Waterfall, you'll need two different project areas to define the differences between the two methods. Other than that, if you can split up by team areas and possibly with different timelines/streams/etc per product, then I suggest you stay within the same project area (or a project area hierarchy that "inherits"/overrides the process from a common master project area with each product/program living in their own "child" project area).
As far as Thomas's stream hierarchy question. If you're doing development in parallel for multiple releases, I would recommend having a different Dev stream for each release (may even want to have separate stream hierarchies Dev/QA/Prod for each release). You don't have to think of streams as a single tree trunk, they are relatively lightweight configuration objects and, in my experience, it's quite ok to have dozens of them owned by a project/team area. If you look at jazz.net (i.e the product development dashboards hosted there which you can access after logging in with your jazz.net credentials), you'll see that that's how the IBM teams that develop the CLM products organize their code, and who better to learn from than the inventors of the technology?
Alex Akilov
Systems Programmer IV
Black Knight Financial Services
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