Why do I need to do Requirements Management?
Projects who don’t have a good understanding of requirements have a higher chance of failure due project overruns or out of control costs. Understanding a requirement implies you have an understanding of the scope of what you are trying to do. Requirements management is the most crucial stage in the development life-cycle. In today’s world, imagine the cost of developing a product that nobody wants or will pay for. Requirements management helps validate that you are indeed developing the right product, which can successfully operate in the market and comply with industry standards.