Nearly every component and element of the business world these days is cluttered and or fettered by rules and regulations as to exactly how specific business elements must be conducted and or demonstrated. These rules or regulations are also known in many instances as requirements. In the project management world, the need for requirements in no less strict. Requirements in terms of project management typically involve any particular capabilities and or conditions that must be met, satisfied, or held by the given and indicated system, service, end result, component, or product in order to completely and effective satisfy a particular contract, specification, or in some other cases, any other formally produced document. The particular set of project related requirements can include in many cases any and all quantified and or documented needs, wants, and expectations that may exist in relation to the expectations or demands of the customer or sponsor.
This term is defined in the 3rd and the 4th edition of the PMBOK.