One of my favorite prioritisation tools.
MUST haves. High priority items that the product/opportunity or challenge being addressed MUST have. These are product launch blockers. If you don’t have them in place, you don’t launch. Example: in South Africa and European Union, for any customer facing product, alignment to the privacy regulations (POPI and GDPR respectively) is non-negotiable. This is a MUST have!
SHOULD haves. Important. But not sufficient to prevent product release. If your product were a flight, these items will be business class passengers, given that MUST haves are in first class.
COULD haves. Nice to haves. Can do without them really.
WON’T haves. Items totally out of scope.