Prioritizing can be defined as determining the order and separating what must be done now, from what needs to be done later.
Scrum uses Value-based Prioritization as one of the core principles that drives the structure and functionality of the entire Scrum framework. It benefits projects through adaptability and iterative development of the product or service. More significantly, Scrum aims at delivering a valuable product or service to the customer on an early and continuous basis.
Thus, prioritization results in deliverables that satisfies the requirements of the customer with the objective of delivering the maximum business value in the least amount of time.