Requirements Specification is a detailed document that outlines the expectations and needs for a project or system. It serves as a guide for developers, stakeholders, and project managers, ensuring everyone has a clear understanding of what is to be built. This document typically includes functional requirements, which describe what the system should do, and non-functional requirements, which outline how the system should perform. The process of creating a Requirements Specification involves gathering input from various stakeholders, analyzing their needs, and documenting them in a structured format. This helps to prevent misunderstandings and scope creep during the development process, ultimately leading to a more successful project outcome.