Requirement is something that is required in advance; "Latin was a prerequisite for admission". In the industrial and business context, a requirement refers to a specific need or condition that must be met in order to achieve a desired outcome.
Requirements can include a wide range of criteria, such as technical specifications, performance standards, regulatory compliance, or customer expectations. Here are some examples of requirements in the industrial and business context:
Customer requirements: A consulting company may have customer requirements for a new project, such as delivering the project within a specific timeline or budget.
Requirements can be formal or informal, depending on the context and the stakeholder involved. Formal requirements may be documented in a project plan or contract, while informal requirements may be communicated through conversations or emails. Meeting requirements is often a key factor in determining the success of a project or product, and organizations may use various methods to track and ensure requirements are met, such as testing, inspection, and quality control processes.
Something that is demanded; necessity, something that is needed
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demand (Demand refers to the desire to possess a good ...)