This document discusses two approaches for managing requirements in Team Foundation Server (TFS): document-based and item-based. The document-based approach leverages SharePoint to manage requirement specification documents but lacks granularity at the individual requirement level. The item-based approach uses TFS work item tracking which provides more granularity and control over requirements at the individual level, along with linking and reporting capabilities, though it requires more customization compared to the document-based approach. The document concludes both approaches have benefits and drawbacks and organizations should evaluate their needs.