Guide on Requirements Management according to PMBOK Guide Seventh Edition

Requirements Management is a crucial aspect of efficient project management. It involves capturing, analyzing, defining and maintaining the needs of stakeholders to meet project objectives.

Why it is important: Requirements Management is important as it ensures that all project requirements are precisely identified, understood and controlled. Clear requirements reduce confusion and rework, increase stakeholder satisfaction, and contribute to successful project outcomes.

What it is: Requirements Management is the process of documenting, analyzing, tracing, prioritizing, agreeing on, and controlling changes to agreed-upon project requirements.

How it works: This process starts with requirement gathering, which involves engaging with stakeholders. After gathering, the requirements are processed, prioritized, and tracked throughout the project life cycle. The goal is to fulfill every requirement and manage expectations accordingly.

Exam Tips: Answering Questions on Requirements Management
In exam questions regarding Requirements Management, focus on the key processes of Identification, Analysis, Documentation, Verification, Agreement and Change Control of requirements.
Do: Consider the impacts of changes in requirements and always consider stakeholder's needs and expectations. Apply your understanding of PMBOK's approach to requirements management in answering the questions.
Don't: Avoid the trap of giving high importance to all requirements; instead, base priority on stakeholders’ needs and project objectives.
Remember that good communication is key in successful requirements management.
NB: PMBOK Guide should be used in conjunction with other project management textbooks and resources to provide a comprehensive understanding.