A requirement is a capability to which a product or service should conform to. Ambiguous and unrealistic requirements are major source of failure in most projects. Requirements management is a continuous process throughout the project lifecycle and relates to documenting, analyzing, tracing and prioritizing requirements and then finally controlling changes. Requirements are actually customer’s statements of scope. This diploma thesis provides proven techniques to collaboratively develop project requirements. We will look at challenges encountered with gathering requirements, such as making sure everyone shares a common vision. Then we will explore standards available from around the globe to help establish a framework for our project elicitation process. Proactive and transparent communication especially early in the process, is critical to help stakeholders understand the project’s goals and objectives. So in requirements finalization process, the stakeholders play an important role. Ways to effectively identify, engage and manage project stakeholders are also covered in this diploma thesis. We will begin by exploring the big picture and looking at the business need for stakeholder management. Then we will review success factors in project management and how stakeholder management fits in. Next a review of strategies to identify stakeholders is extensively analyzed. Then we will explain how proper stakeholder mapping in combination with management and interpersonal skills leads to successful engagement in order to break down the ideas, needs and requirements of stakeholders into smaller pieces that can come together to create the big picture. Tips, checklists and some examples linked to a shutdown project case study are given so we have some practical examples and templates. Running a successful project depends on identifying, engaging and managing all of our project stakeholders.