Palitzsch is a lunar crater that is located in the southeast part , near the southeast rim of the crater Petavius. The northeast rim forms the southern end of Vallis Palitzsch, a lunar valley that follows the eastern rim of Petavius for a distance of about 110 kilometers. The crater rim is low and inconspicuous, while the floor forms a depression in the surface that follows the contours of the neighboring valley. (wikipedia entry)
A crater is a circular depression likely created by an impact event. On the Moon they are named after deceased scientists, polar explorers, astronauts or cosmonauts.