Prioritizing the requirements consists of going through all the Change Requests (CRs), deciding which to fulfill by connecting the CR to a Change Order (CO), and deciding which CRs to cancel. The CRs must go through all its approval steps before a CO can be connected. The COs are supplied with information and followed up. CRs that are not to be implemented are canceled.
The COs will be performed and followed up. The CRs which are canceled should later be classified as either postponed or deleted requirements.
Alternatively, you may want to create documents containing the requirements and connect them to the functions of which your product consists.