The document discusses the requirements specification stage of the software development lifecycle. It involves: 1) Analyzing the user's needs to prioritize key features that can be included in the initial version given resource constraints like time and budget. 2) Formally specifying the program requirements, including inputs, outputs, processing needed, hardware/software requirements, and constraints. 3) Documenting specifics like valid/invalid data values, output formats, processing tasks, development schedule with dates and associated costs. Storyboards can also show example screen designs.