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Requirements Management is the systematic process of defining, documenting, validating, managing, and tracking software and application requirements throughout the Application Lifecycle Management (ALM). It involves eliciting stakeholder needs, analyzing and prioritizing those needs, and creating a detailed and traceable requirements specification that guides development efforts. The goal is to ensure that the final product meets business objectives and provides value to end-users, while also minimizing risks, reducing rework, and improving overall efficiency and quality of the software development process. Effective Requirements Management requires clear communication, active collaboration, and ongoing feedback between stakeholders, developers, testers, and other project team members.