The list of everything the software must do. Requirements are typically organized within each Functional Area and categorized by transaction, report, or routine/process. When gathering requirements, it is best to document everything requested and categorize each request:
Required for go-live: Go live cannot happen unless the requirement is met.
Required in 60 days of go-live: The system can go live but the requirement must be met within 60 days.
Important: The requirement is important enough to partner with NLP in adding it to the system.
Nice to Have: A feature that should be considered by NLP for a future release.