Assumptions are future situations beyond the control of the project,. It allows you to apply a ratings system to your requirements, so you have the visibility (into the value, status, and description of each requirement) that’s. A functional requirements document (frd)—also known as a functional requirements specification, functional specification, or functional specification document—is a more. An frd defines the specific functions and features that the. This document underlies the functional requirements for implementing online banking solution (obs) for global bank ltd (gbl).