Requirements management is critical for managing existing consumer expectations in a project. When a project has ambiguous requirements the team cannot determine at the end of each iteration if the product is releasable. Problems are least costly to correct when they are detected early in the development life cycle particularly when the correction involves changes to the software architecture.

1. Effective Requirements Management ensures successful Project Completion
Requirements management is critical for managing existing consumer expectations in a project. When a
project has ambiguous requirements the team cannot determine at the end of each iteration if the
product is releasable. Problems are least costly to correct when they are detected early in the
development life cycle particularly when the correction involves changes to the software architecture.
Although, intellectually, most IT practitioners understand the value of developing and maintaining clear
and detailed requirements throughout a project's life cycle, actually achieving this has been difficult.
Developers working simultaneously on different projects that can be aware of what one another are
doing. A project cannot succeed, if important information remains (in the head or) on the desk of
different people instead of being shared. The key to more successful projects is aligning IT and business
goals through business requirements management. Only an efficient requirements management allows
working successfully on complex projects.
It is necessary to have a process that takes requirements from various sources, determines if they
should be added to the backlog, and disposes of them properly. And requirements management mainly
involves the meeting of the needs of end users through identifying and specifying what they need.
Within distributed software and systems development project, Requirements Management often plays
an important role in the ultimate success of any project.
The practice of requirements management:
 Allows users to understand the importance of requirements traceability. This enables users to
conduct business impact and traceability impact assessments. This is a critical aspect of
managing GRC projects and programs successfully and effective requirements management
consists in a systematic approach to identify, to define, to structure, to analyze and to verify the
requirements that are being handled during the whole development and life cycle of a product.
 Is an ideal way to integrate processes. By identifying process-specific requirements businesses
will be capable of addressing major issues associated with processes. For an efficient and
optimal management of Requirements, fully functional requirement management tools are a
necessity. Requirements management involves establishing and maintaining agreement
between customer and developer on both technical and non-technical requirements.
In an ALM methodology an optimized requirements tool makes it feasible to envelop all the features
essential for all asynchronous collaborations. Enterprises must ensure that their requirements
management tool can offer collaborative Requirements Management with high degree of reusability
that can lower the development time and risks to a large extent.
Requirements management is one of the most important parts of a product development. If done with
success, the benefits can be numerous and allow developing quicker and at lower cost complex products
of quality.
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