Function Points are a standardized unit of measurement used to assess the size and complexity of software applications. They help quantify the functionality delivered to users based on the requirements of the system. By evaluating inputs, outputs, user interactions, and data storage, Function Points provide a way to estimate development effort and project costs. This method is beneficial for project managers and developers as it allows for better planning and resource allocation. Function Point Analysis can also facilitate communication among stakeholders by providing a clear understanding of the software's functional requirements, making it easier to track progress and manage expectations.