Azure Active Directory External Identities
An Azure service that is used to secure and manage customer and partner identities beyond organizational boundaries.
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IF we have a guest user(external) in our azure AD and want to manage their password(password reset , strength of pw etc) . Is it possible?
That's not a supported scenario, Guests authenticate against their "home" tenant.
You can configure the password strength requirements for B2C directory, yes. And also enable self-service password reset.