Definition: A detailed statement of the exact results we or the customer want to get from a project.
A condition or capability that must be met or possessed by a system, product, service, result or component to satisfy a contract, standard, specification or other formally imposed documents. Requirements include the quantified and documented needs, wants and expectations of the sponsor, customer and other stakeholders. A requirements specification is a defined goal that details the desired end result of a project. This helps project managers to ensure that they are delivering exactly what their customers want, because it is specified and communicated clearly to those involved in the project.