Concept
Repozitory : The repository includes auditable item types, which maintain a history of item creation and subsequent modifications for audit purposes. The audit trail includes a record of past states of the item, the user who saved the item, and the time of the change. For item types that do not require audit history, the repository retains only the latest state of the item.
Project Area : The project area is a system representation of a software project. The project area defines the project deliverables, team structure, process, and schedule. A project area is stored as a top-level or root item in a repository. A project area references project artifacts and stores the relationships between these artifacts.