SharePoint Application Lifecycle Management or SPALM for short

This is a project on CodePlex which demonstrates the capabilities of a SharePoint Software Factory.  It is an extension for both Visual Studio 2005 and 2008.

To use the software factory you must install the following packages:

• Microsoft Guidance Automation Extensions (GAX) – February 2008 Release
• Microsoft Guidance Automation Extensions for Visual Studio 2008 and Visual Studio 2008 Service Pack 1 Update (GAXP1409)
• Download and install the Software Factory
• Start Visual Studio. Create a new project. You will find a new project template "SharePoint 2007 Application" under "Guidance Packages"
• Within the project you will find new context menus for SharePoint development

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If you are interested in doing SharePoint development with Team Foundation Server you can read more about it here in this document on MSDN:

Using Team Foundation Server to Develop Custom SharePoint Products and Technologies Applications