Keerthan,
Your Second Question First:
RICEF meansReports, Interfaces, Conversions, Enhancements, Forms. Go through this document. What is RICEF
Second Question
Functional Specification is the word associated with ABAP. This is the document submitted by the Development seeking persons to Technical (ABAP) persons.When you refer to SAP-PM equivalents can be (During implementation) AS-IS document which describes the present process, and To-Be document which describes how the process would be after SAP implementation.
KJogeswaraRao