According to the Agile Practice Guide, a prioritized backlog is a list of features, functions, requirements, enhancements, and fixes that are prioritized according to the value they deliver to the customer and the amount of work required to complete them. A prioritized backlog helps the project team to manage changing scope and expectations in an agile environment, where new knowledge and feedback are continuously incorporated into the project. By defining iteration review sessions with stakeholders, the project manager can ensure that the project outcomes are aligned with the business goals and that the stakeholders are satisfied with the deliverables. Iteration review sessions are meetings where the project team demonstrates the work completed in an iteration and solicits feedback from the stakeholders. Iteration review sessions help to validate the value of the deliverables, identify any defects or issues, and adjust the backlog for the next iteration. References:
Agile Practice Guide, pages 37-38, 5.1.1 Prioritized Backlog, 5.2.2 Iteration Review.