Are teams in JIRA Portfolio the same as a project in JIRA? Or...are they another construct. If another construct, how is this represented in JIRA and is it a feature that is available without having Portfolio?
If Teams are not represented in standalone JIRA (minus Portfolio), what is the best way to manage a teams work if they deal with work across more than one project?
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No - Teams in Portfolio do not have any equivalent in Jira itself, they are purely within Portfolio.
There is no way to currently manage teams directly in Jira (although I believe the Cloud version is introducing this imminently).
I would suggest you create a custom field for "Team", and add it to all project's screens. You ca then create a dashboard or Kanban/Scrum board which filters the data based on this field only.
