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In this video tutorial, the speaker discusses the vital role of a Business Requirements Document (BRD) in project success. The BRD outlines the business solution for a project by detailing current and future business processes, key requirements, goals, and objectives, as well as identifying potential constraints and risks. It serves as a guideline for stakeholders to make informed decisions promptly, enabling the project team to prioritize requirements and manage project scope effectively. This ensures that the project remains aligned with its initial intentions and avoids unnecessary expansion.