Which of the following best describes 'Functional Specifications'?

Functional specifications are a critical component in project management, particularly in the context of software development or system design. They provide a comprehensive outline of the technical requirements that define what the system should achieve. This includes detailed descriptions of functionalities, features, and user interactions, ensuring that the development team understands precisely what is expected from the end product.

By laying out specific criteria and performance benchmarks, functional specifications serve as a foundational document that guides the development process. They help all stakeholders align their expectations and ensure that the final deliverable meets the needs of the users and complies with any necessary regulations. This level of detail is essential for successful project execution and verification.

In contrast, other options like project goals, budget descriptions, and general guidelines focus on broader aspects of project management rather than the specific functionalities and requirements necessary for the system's success. These elements, while important, do not provide the same level of detail and clarity that functional specifications offer.