Requirements Management is the process of identifying, documenting, and managing the needs and expectations of stakeholders for a project. It ensures that all requirements are clearly defined and agreed upon, helping to prevent misunderstandings and scope creep during the project lifecycle. Effective Requirements Management involves continuous communication with stakeholders, regular updates, and adjustments as needed. This process helps teams prioritize tasks, allocate resources efficiently, and deliver a final product that meets the specified requirements, ultimately leading to higher satisfaction among users and stakeholders.