MoSCoW stands for Must, Should, Could, Won't when it comes to requirements prioritization. This method categorizes the importance of different requirements, helping teams to focus on delivering the most critical items first. 'Must' represents critical items that are non-negotiable, 'Should' indicates important but not vital items, 'Could' refers to desirable but non-essential items, and 'Won't' denotes items that will not be implemented at this time.