A Product Requirement Document (PRD) outlines a product’s functionalities and requirements, considering external dependencies, so that all stakeholders understand why they are building the product, what they’re building, and who it’s for.
The structure of a PRD can differ based on the stakeholders, but it should be in very basic English such that all stakeholders can understand.
The PRD speeds up development by helping structure the product and enabling faster development by providing clarity on the product's requirements and outputs.
It serves as an accountability document, ensuring that the product is as it should be and everyone understands their roles and responsibilities. It also helps track progress and keeps the project on schedule and within budget.