Requirements Analysis is the process of identifying and documenting the needs and expectations of stakeholders for a project. This step is crucial because it helps ensure that the final product meets the users' needs. By gathering information through interviews, surveys, and workshops, analysts can create a clear picture of what is required, which guides the development team. Once the requirements are gathered, they are organized and prioritized to create a roadmap for the project. This helps in managing resources effectively and ensures that the most important features are developed first. Proper Requirements Analysis can lead to successful project outcomes and satisfied stakeholders.