Function Point Analysis (FPA) is a standardized method used to measure the size and complexity of software applications. It evaluates the functionality provided to users based on their requirements, focusing on inputs, outputs, user interactions, and data management. This helps in estimating project costs, resources, and timelines. FPA is beneficial for project management and software development as it provides a clear framework for assessing productivity and performance. By quantifying software features, teams can better understand project scope and make informed decisions throughout the development lifecycle.