How would one handle a scenario when requirements change midway in the project?

Kochar,

It can also be important to look at why the requirements are now changing.  It's common to find new requirements that just haven't been identified before, or to find changes as requirements become more clearly defined.  These types of changes can be managed very well using the formal change control process that Kimbo described.  However, if you find that previous decisions are being revisited and reversed, or if existing requirements are being questionned or significantly altered then you may need an additional strategy to keep a decision log as well (if you are not already doing so).

It can be very helpful to keep a log of decisions made along the way, as you collect and refine the requirements - particularly when it is decided that a function or requirement isn't needed.  The decision log should include the name/role of the person making the decision and the rationale behind it.  You'll find that stakeholders forget why a certain direction has been taken, and that one person isn't aware of a decision made by someone else.  A decision log helps keep everyone on the same page, helps keep requirements aligned and synchronized, and helps prevent repeated discussions of the same issue.  This doesn't mean that a decision can't be changed or overturned - but just gives more control for making (and enforcing) requirements decisions.

Sandy