How to prioritise requirements using MoSCoW analogy?

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In this video I describe how to prioritise your requirements using the MoSCoW analogy. I've been using this analogy for many years and customers understand it straight away. Once you've tried it once with your customers, all your requirement priorities fall into place.
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Have you used MoSCoW before? or maybe a different method for prioritising requirements, if so, please share your experiences and tips.

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