> For the complete documentation index, see [llms.txt](https://iam.highonproduct.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://iam.highonproduct.com/project-ideas/product-requirements-document.md).

# Product Requirements Document

A product requirements document (PRD) defines the requirements for a new product or a new release of an existing product.

### Why PRD?

* A PRD captures the **vision, goals, target audience, key features, and functionality** of the product.
* By defining the product's features and requirements, a PRD allows you to **estimate the effort, resources, and timeline** required for development.
* A PRD establishes the boundaries of the **product's scope** (again, a good product is a well-defined one!)
* And of course, a PRD serves as the **single source of truth** for anyone involved in product development and execution.

{% hint style="success" %}
A PRD is the "what" and "why" behind a product. Interviewers often want to assess your ability to define and communicate product requirements effectively. 

Having a solid grasp of what goes into a PRD and how to structure one can showcase your skills in understanding user needs/goals, translating them into clear requirements, and aligning all stakeholders around a shared vision - which is at the heart of product management.
{% endhint %}

### Problem Statement

#### Personal Financial Management for Young Adults

Assume you are a product manager at your favorite bank - we'll call it HOP Financial for now :)

**Context:** Young adults lack financial literacy, facing challenges with student loans, budgeting, saving, and investing. Traditional banking services often don't cater to their unique needs.

**Need:** A fintech solution that simplifies financial management for young adults, providing tailored guidance, tools for budgeting, debt management, saving, investing, and fostering financial literacy.

**Solution:** A mobile app acting as a personal financial assistant, offering customizable budgeting, student loan tracking, savings goals with automated recommendations, simplified investing options, and educational content.

**Objective:** Our primary objective is to empower young adults to effectively manage finances, achieve goals, build long-term financial health through this platform.

The product will aim to reduce financial stress among young adults and encourage a proactive approach to financial planning and investment.

### Guidelines

Make sure to check out this article which explains using a real example:

{% embed url="<https://bootcamp.uxdesign.cc/how-to-write-a-product-requirement-document-c4bd51604d5e>" %}

Done reading? Check out Reforge's Checklist + Template for making PRDs:

{% embed url="<https://www.reforge.com/blog/evolving-product-requirement-documents>" %}